The two cities, which are the only contenders for the right to hold the event, both vowed to spend billions of dollars to build new accommodation, hotels and infrastructure to ensure successful Games.
Neither has previously hosted the Games, and both expressed optimism, saying they would be an opportunity to recover from natural disasters -- the deadly 2010 floods in Queensland and the 2004 tsunami in Hambantota.
The Sri Lankan city was severely affected by the tsunami, which left massive destruction and killed many residents.
The Gold Coast delegation for the submission to the Commonwealth Games Federation in the Malaysian capital Kuala Lumpur included Queensland Premier Anna Bligh, while Hambantota's group included national sports minister Mahindananda Aluthgamaga.
Hambantota bid committee co-chairman Ajith Nivard Cabraal said the Games would secure long-term and sustainable social and economic benefits for Sri Lanka with the government investing some 2.5 billion pounds ($4.10