The British government says the estimated construction costs of the 2012 London Olympics have gone down by £35 million.

Government figures released last week show the projected final building costs have decreased from £7.301 billion to £7.266 billion. The delivery of the Olympics remains on time and within budget.

Construction of the venues and infrastructure is 83 per cent complete, with the 7,000-capacity handball arena the latest stadium to be completed. The basketball arena is nearing completion.

Sports Minister Hugh Robertson says the Olympic Delivery Authority “has continued its focus on costs, driving efficiencies across the programme.”