Victoria Premier Daniel Andrews is to give a press conference about the 2026 Commonwelath Games.

Victoria’s hosting of the Commonwealth Games in 2026 has been axed.

Victoria Premier Daniel Andrews told a press conference on Tuesday that the cost had ballooned out from A$2.6 billion to at least A$6b (NZ$6.5b).

“We have informed Commonwealth Games authorities of our decision to seek to terminate the contract and to not conduct, not host the games,” he told reporters today.

“I cannot stand here and say to you that I have any confidence that even the A$7 billion number would appropriately and adequately fund these games.”

He said it was "not a hard decision", simply saying more than A$6 billion was too much, "we're not doing that".

The Games were to be held in the Australian state in 2026 between March 17 and March 29 across five regional centres: Geelong, Bendigo, Ballarat, Gippsland and Shepparton.

Commonwealth Games staff were called into a meeting shortly after 9am (11am NZT).

In April, the New Zealand Olympic Committee (NZOC), with the support of the Government, said it was interested in hosting the 2034 Commonwealth Games.

NZOC chief executive Nicki Nicol said they were “incredibly disappointed” that Victoria had withdrawn from hosting.

Phil Walter/Getty Images NZOC chief executive Nicki Nicol said Victoria scrapping the 2026 Commonwealth Games was “unsettling”.

“This unexpected announcement is unsettling for New Zealand Team athletes who were working towards a Games close to home in just under three years time,” Nicol said in a statement.

“We are looking to the Commonwealth Games Federation as it begins a process to appoint a new host for 2026.”

The Commonwealth Sport Movement, the governing body for the Games, released a damning statement.

“This is hugely disappointing for the Commonwealth Sport Movement, for athletes around the Commonwealth and the Organising Committee who are well advanced in their planning and preparation,” the statement said.

“The reasons given are financial. The numbers quoted to us today of $6 billion are 50% more than those advised to the Organising Committee board at its meeting in June.

Mark Baker/AP Melbourne last hosted the Commonwealth Games in 2006.

“These figures are attributed to price escalation primarily due to the unique regional delivery model that Victoria chose for these Games, and in particular relate to village and venue builds and transport infrastructure.

“Since awarding Victoria the Games, the Government has made decisions to include more sports and an additional regional hub, and changed plans for venues, all of which have added considerable expense, often against the advice of the Commonwealth Games Federation (CGF) and Commonwealth Games Australia (CGA).

“We are disappointed that we were only given eight hours’ notice and that no consideration was given to discussing the situation to jointly find solutions prior to this decision being reached by the Government.

“Up until this point, the Government had advised that sufficient funding was available to deliver the Victoria 2026 Commonwealth Games.

STUFF The Kiwi athletes who brought home gold from the Birmingham Commonwealth Games (first published on August 9, 2022).

“We are taking advice on the options available to us and remain committed to finding a solution for the Games in 2026 that is in the best interest of our athletes and the wider Commonwealth Sport Movement.”

Last year’s Commonwealth Games were held in Birmingham, England.

Durban was originally awarded the rights for the 2022 Games, but the South African city was stripped of hosting in 2017 because of financial concerns.

Melbourne last hosted the Games in 2006.

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