Sport Minister Phil Reeves said the official opening of the refurbishments on the eve of the competition showed how far the complex had come since it was flooded in January.
"Brisbane Basketball's dedicated staff and volunteers are a great example of Queensland's fightback after the floods," Mr Reeves said.
"In January the stadium's ground floor was completely inundated, ruining two basketball courts, the canteen, reception, foyer, first aid room, wiring, bathrooms and car park.
"Thanks to Brisbane Basketball, Brisbane City Council, the State Government, the National Australia Bank, and the RACQ Foundation, the centre was open again for business in May, with a total rebuild cost of over $1 million."
State Member for Mount Coot-tha Andrew Fraser said the renamed NAB Stadium is the hub of basketball in Brisbane and its repair is a credit to everyone involved.
"With the centre up and running, Brisbane Basketball was able to attract 24 teams from all across Australia to play in the national under-14 championships," Mr Fraser said.
"The competition is bringing 300 players, their families and supporters to the local area, boosting the economy and the profile of junior basketball."
Mr Reeves said the Queensland Government remained committed to developing infrastructure to meet the sport and recreation needs of local communities.
"We've spent over $13 million to help all types of sporting and recreation clubs to get back on their feet after last summer's devastation," Mr Reeves said.
"We are committed to providing sport and recreation opportunities for all Queenslanders, that's why we're seen as the Champions State and the Events State.
"It is all part of the government's Toward Q2: Tomorrow's Queensland priority to make Queenslanders Australia's healthiest people."