Street told insidethegames that Birmingham and the West Midlands region could step forward again following the success of last year’s Games but insisted the onus was on the Australian Government to find a replacement.

Victoria was awarded the hosting rights last year only to pull out earlier this week due to escalating costs.

It has left the Commonwealth Games Federation (CGF) with little time to secure a host that can deliver the multi-sport event in just three years’ time.

Birmingham staged a successful Games last year thanks to £778 million ($879 million/€890 million) of public funding, which resulted in the refurbishment of the Alexander Stadium in Perry Barr and the construction of the Sandwell Aquatics Centre.

There have been suggestions that Birmingham could step in to replace Victoria 2026 but Street claimed they were not looking to table a proposal to the United Kingdom Government.

"I was very surprised to hear about Victoria pulling out, genuinely surprised because obviously we had a wonderful Games here last year and I thought it had really enhanced the chances of other cities bidding and staging the Games successfully," said Street.

"My simple reaction is that the Australian Government now needs to think about how Australia is going to honour its commitment.

"It’s very flattering that everybody is saying Birmingham could do it again.

"Obviously technically that maybe true that the West Midlands could step forward but my personal preference is that this continues to be an event that travels around the world and draws more countries in to hosting it.

"I am not suggesting anything to the UK Government at all.

"As I says, it’s for the Australian Government to think about how they are going to make game their commitment to the Commonwealth Games Federation.

"Of course there is no question that we could do it as we demonstrate that in phenomenal style and indeed working with other areas that would also be possible but I don’t believe at this stage we should step forward.

"It’s genuinely, as I keep saying, it’s for the Australian sporting institution and Government to think about."

London Mayor Sadiq Khan has this week said that he would support of the submission of a bid for the 2026 edition but admitted any decision would rest with the British Government and it providing financial support. 

The CGF admitted it was "hugely disappointed" by Victoria’s decision but stressed its commitment to find a solution for the Games in 2026.

Gold Coast emerged as a possible candidate when its Mayor Tom Tate claimed the Australian city was "Games ready" having played host in 2018.

Queensland Sports Minister Stirling Hinchliffe insisted today that it was "an emphatic no" on staging it again.

"I understand Tom’s enthusiasm is hard to repress," said Hinchliffe in a report by ABC.

"He’s always out there making sure he’s boost and spruiking the Gold Coast and why wouldn’t he?

"The reality is I’m a bit more in [Gold Coast] Deputy Mayor Donna Gates’ camp when she said earlier this week that the idea was ludicrous, we didn’t have the right time."

Tate is refusing to give up hope, claiming that the Games could be held within a budget of AUD$1.2 billion (£630,000/$808,500/€726,000).

"Just give us four weeks, I'll show you a road map of how we can deliver it, it'll be great for Queensland," said Tate.

"I will approach the [Queensland] Premier [Annastacia Palaszczuk] and [say] 'look we don't need any dollars from you, I only want some input in time'," said Tate.

"That shouldn't be such a hard negotiation."

Victoria Premier Daniel Andrews claimed that the original forecast budget for the Games of AUD$2.6 billion (£1.3 billion/$1.7 billion/€1.5 billion) was expected to be more than double that, at AUD$6 billion (£3.1 billion/$4 billion/€3.6 billion) when defending his decision to withdraw.

A lack of funds was also cited by Western Australian Premier Roger Cook when dismissing efforts from Lord Mayor of Perth Basil Zempilas to consider putting the city forward.

Jeremy Rockliff and Peter Malinauskas, the leaders of Tasmania and South Australia, have also ruled themselves of replacing Victoria, while New South Wales Premier Chris Minns has said he was opposed to throwing Sydney in the mix.

"[Victoria's withdrawal] is a reminder that budgets are under pressure, not just in NSW but right around the country," said Minns in a report by ABC.

"Unless I tell thousands of people to get out of their homes to house athletes, it's not going to happen."