The Commonwealth Games Federation plans to announce a new host for the 2026 event next month, saying it has “multiple proposals” to replace Victoria.

The CGF on Monday said it was keeping the proposals confidential.

In July Victoria withdrew from plans to host the 2026 Games in three regional hubs, citing escalating costs.

“Significant progress has been made and we are excited by the early concepts, which aim to reset and reframe the Games,” the CGF said in a statement after its April meeting.

“We are working collaboratively with the relevant (members) to undertake further detailed assessments, and aim to announce the 2026 Commonwealth Games host in May.”

Victoria agreed to a compensation package with the CGF, which will help offset costs for the next host.

The Gold Coast, which held the 2018 Games, was flagged as a potential host for 2026, but couldn’t get state or federal funding.

The CGF said it was focusing on transforming the Games to reduce costs and make the events more sustainable.

Established in 1930 as the British Empire Games, the Commonwealth Games are open to 74 nations and territories and have been staged in Australia, Canada, England, India, Jamaica, Malaysia, New Zealand, Scotland and Wales.

Last month, an Australian inquiry into the Victorian government’s decision to cancel announced it cost the state $589 million, and the price estimate that resulted in it being shelved was “overstated and not transparent”.

Victoria’s Auditor-General’s Office said agencies failed to work together to give “frank, full and timely advice” to the government before it decided to host the Games.

In 2022 the Labor government led by then-premier Daniel Andrews agreed to host the 2026 Games at an expected cost of about $2.6 billion.

It pulled out in July last year, saying the figure had blown out to $6.9 billion.

Craig Phillips, CEO of Commonwealth Games Australia, said the inquiry findings “confirm the gross exaggeration of costs detailed by the then premier when he made the decision to cancel”.