High Performance Sport NZ, the Government agency for sport in the country, said the new scheme was backed by investment of NZ$273 million (£139 million/$191 million/€162 million).

The creation of a new NZ$27.6 million (£14 million/$19 million/€16 million) aspirational fund, which will see more sports receive financial support in New Zealand, is among the main initiatives in the new strategy.

It differs from the usual targeted funding model employed by High Performance Sport NZ, where sports that have had success or can show potential to continue their success are financially rewarded.

This will be increasingly important in the lead-up to Paris 2024, set to feature sports such as climbing, surfing and skateboarding.

The new strategy also encompasses well-being and engagement, and performance pathways.

High Performance Sport NZ chief executive Michael Scott said Brisbane becoming the preferred candidate for the 2032 Olympic and Paralympic Games "gives us an added reason to work hard on improving our system and the success it can deliver".

"Brisbane 2032 could be an amazing celebration of high performance sport in New Zealand," Scott said.

"We are excited to be evolving our funding model and introducing an aspirational fund that will open up opportunities for a wider range of sports with the potential to inspire New Zealanders through their performances or where we can work with them to improve podium potential. 

"We’ll be investing $27.6 million in this fund between 2022 and 2024, with a view to extending it into our next four-year strategic period.

"Our highly targeted funding model has delivered significant success and remains in place, but we are confident that we can now support a broader range of sports to achieve results that inspire New Zealanders."