No bigger white elephant than a new oval stadium at Victoria parkThe IOC don't want extravagant stadiums built that have no economically justifiable legacy post games. They are fine with expensive extravagant stadiums being built for Olympic Games use if they are justifiable to the host cities long term needs.
That is why they were fine with a complete Gabba rebuild. There's far more long term justification in building the *$3.4 billion 50000 seat Victoria Park Stadium and associated infrastructure, than building a *$1.6 billion single use 14000 seat athletics stadium. Brisbane needs a world class test cricket ground / Australian Football stadium to compete with the other 4 major state capitals. No Australian city needs a $1.6 billion 14000 seat athletics stadium. No League, Rugby, or Soccer club would want to cohabit there.
The IOC doesn't want anymore expensive white elephants, which in Brisbane's case is the latter, not the former.
the only stadium that needs an upgrade or rebuild is Suncorp
The Gabba is fine for cricket or afl as it is