The International Olympic Committee awarded the 2032 Olympics to Brisbane, Australia, on Wednesday, capping a new one-city selection process meant to minimize costly bidding wars between countries.

Why it matters: It will be the third time that Australia hosts the Olympics, following the popular 2000 Summer Games in Sydney and the 1956 Summer Games in Melbourne.

The big picture: The IOC has now chosen the sites for five of the six next Summer and Winter Olympics:

• 2022 Winter: Beijing
• 2024 Summer: Paris
• 2026 Winter: Milan and Cortina d'Ampezzo
• 2028 Summer: Los Angeles
• 2030 Winter: To be announced
• 2032 Summer: Brisbane

Between the lines: Brisbane was the first city to be named Olympic host in a new streamlined selection process, through which the IOC named the Australian city as the preferred candidate without a formal opponent. The 138th IOC Session on Wednesday served as a rubber stamp of the recommendation.

Driving the news: The announcement was made as the embattled 2020 Tokyo Olympics officially began on Wednesday with softball and women's soccer, two days before the opening ceremony.