A bold bid to salvage the 2026 Commonwealth Games has officially been launched by the Gold Coast.

Three months after Victoria pulled out as host citing cost blowouts, Gold Coast Mayor Tom Tate delivered his pitch to hold a “streamlined” 2026 Games for $700 million.

Mr Tate met with Commonwealth Games Australia CEO Craig Phillips and Commonwealth Games Federation Partners Director Michael Bushell on Monday.

“I’ve just concluded a very positive meeting with the CGF. Mr Phillips agrees the Gold Coast is an excellent option for the Games,” Mr Tate said.

Officials were forced into talks to rescue the multi-sport event in Australia after former Victorian premier Daniel Andrews delivered the surprise news in July that he was pulling the pin on the 2026 Games after a cost blow out.

If successful the Gold Coast would host the Games twice within eight years after hosting the event in 2018 at a cost of $1.2 billion.

Mr Tate said the 2026 edition would inject more than $2 billion into the economy.

“I showed them our preliminary business case which proves that a scaled down 2026 Games can be held on the coast for around $700 million,” he said.

“This is a $2 billion-plus gift to the SEQ economy at no monetary cost to Queensland, apart from in-kind support at the time.”

Infrastructure from the 2018 Games remains in place on the tourist strip and could be used again, he said.

Mr Tate has been vocal about salvaging the Games since the Andrews government’s shock announcement amid claims of an estimated $7 billion cost blowout.

“The Dan Andrews debacle has cruelled our national reputation across the Commonwealth,” Mr Tate said.

“We owe it to our national reputation to save the 2026 Games and this report clearly shows it can be done, well within a feasible budget.”

A senate inquiry’s interim report last month called on the federal government to urgently intervene to save the 2026 Games, saying it should work with all levels of government – including the Gold Coast – to find a solution.

However, the Queensland government has ruled out supporting a Gold Coast bid, saying it was prioritising the 2032 Brisbane Olympics.

“I can’t say I have had a single person raise with me their desire to have the Commonwealth Games again on the Gold Coast,” State Minister and Gold Coast MP Meaghan Scanlon said on Monday.

“If it is something that Tom Tate wants to progress that’s a matter for him, we’ve made our position clear though.”

The 2026 host options are expected to be discussed when Commonwealth nations meet with the CGF in Singapore next month.