Olympic venues are at risk of not being constructed in time for the 2032 Brisbane Games due to declining productivity.

Queensland's state productivity commission interim report has also warned current best practice industry conditions on sites are adding to the cost of major projects and delaying builds.

Queensland Treasurer David Janetzki was unfazed on Thursday, saying the state government was up to the 2032 Games challenge.

A week ago 2032 organisers celebrated the seven-year countdown to the Games amid much fanfare.

The Queensland government finally confirmed its Olympic venues blueprint in March. (HANDOUT/QUEENSLAND GOVERNMENT)

State productivity had declined by nine per cent since 2018 - the year best practice industry conditions were introduced - the report said.

"If Queensland is to meet the needs of its growing population, match infrastructure commitments and deliver the 2032 Olympic and Paralympic Games, productivity across the industry will need to improve," the report said.

The clock had already been ticking for 2032 organisers after the state government finally confirmed its venue blueprint in March, more than 1300 days after Brisbane was named host city.

Mr Janetzki said Brisbane would be ready for the 2032 Games.

"It's an exciting time that we stand on the cusp of this generational legacy of transformative infrastructure for the Olympics," he told reporters.

Treasurer David Janetzki remains confident Brisbane will be ready to host the 2032 Olympics. (Darren England/AAP PHOTOS)

"This report is key to helping us finding a way through to that productivity increases that we need - it's a task that we're up to."

Queensland's productivity growth compared to the broader state economy and Australia had been weak over the last three decades, the report said.

Surging construction prices, rising insolvencies, constraints on labour supply and materials had all contributed to industry pressures following the COVID-19 pandemic.

"The ongoing housing shortage and large Queensland government capital program (including the delivery of Brisbane 2032 Olympics infrastructure) mean lifting construction productivity to deliver increased market capacity is more important than ever," the report said.

Labour productivity in the current construction sector was only five per cent higher than it was in 1994-95, compared to 65 per cent growth in the market economy over the same period.

The almost 10 per cent drop in productivity over seven years had resulted in 77,000 fewer homes being built, the report said.

The report also warned maintaining best practice industry conditions until 2029-30 could cost $20.6 billion, increasing project costs by up to 25 per cent and resulting in 26,500 fewer homes.

The state government has budgeted $116.8 billion over the next four years towards its capital program.

Recommendations from the interim report include changes to procurement, including "the permanent removal of the best practice industry conditions".

Operations of the housing market can be improved by reducing unnecessary regulation of building form and streamlining approvals processes, the report said.

Mr Janetzki said the interim report's findings validated a government decision to pause best practice conditions in late 2024.

Minister Tim Mander is due to provide submissions into capital programs involving the Games. (Darren England/AAP PHOTOS)

Sport and the Olympic Games Minister Tim Mander was set to provide submissions to a state budget estimates committee into capital programs involving the Games on Thursday.

The commission was established by the Liberal National government this year to review factors driving Queensland construction sector productivity and make reform recommendations.

A final report will be handed to the state government on October 24.