The Invictus Games in Sydney will help to change lives, according to the event’s founder Prince Harry.

The Queen’s grandson was in the New South Wales capital on Wednesday to officially launch the 2018 edition of the Games, which gives military veterans who have suffered an injury or illness the chance to compete in various sports.

"Lives have been changed in front of my eyes," the Prince said at Sydney's Admiralty House. "Amazing men and women proving the impossible is possible. That is exactly what we did when we held the first Invictus Games in 2014."

There are now just 500 days until Australia hosts around 500 competitors from 18 nations – including Afghanistan, Iraq and Ukraine, as well as UK, USA and personnel from the ADF.

Sydney Olympic Park will be the venue for the majority of the sports, but the iconic harbour will be used for sailing. The event is scheduled for 20-27 October 2018, with the 2017 Games being held in Toronto in September.

Prime Minister Malcolm Turnbull said: "It is, as Prince Harry said, an opportunity to use the healing power of sport to help injured servicemen and women rebuild their lives.

"In the lead-up to the 2018 Invictus Games here in Sydney, we are entranced, inspired, by the tales of triumph over adversity, of which you spoke, your royal highness."