It took NSW about 10 years to pay off the Olympic debt, but there is a lot of new development happening in that area now, finally. Plus we realised that Aussies don't care about athletics except during Olympic years, so they turned the stadium into one that can be used for football and hit n giggle cricket and Aussie Rules.
There was a recent article in the Telegraph - possibly Henry Winter - saying the Aussies had the best bid for the 2022 World Cup, but corruption obviously won the day. We would put on a bloody fantastic World Cup, even if it is cold at night.
FIFA is horribly corrupt, and it's hard to see how an organisation like that can ever reform.