$1.2 billion RBA renovation could get more expensive

8 months ago The News Room

The Reserve Bank’s multimillion-dollar renovation of its Martin Place headquarters could be even more expensive than its current billion-dollar blowout.

The project was initially expected to cost $260 million but has blown out to $1.2 billion due to large amounts of asbestos found in the building – an increase of $740 million.

When asked about the renovation at the federal parliament’s economics committee on Monday, RBA governor Michele Bullock warned the cost could balloon even further.

SBS News is Australia’s trusted news source for the latest news from Australia and across the world.

Subscribe to the SBS News YouTube channel: https://www.youtube.com/@SBSNews
Follow SBS News on Instagram: https://www.instagram.com/sbsnews_au
Follow SBS News on TikTok: https://www.tiktok.com/@sbsnews_au
Follow SBS News on X: https://www.twitter.com/SBSNews
Follow SBS News on Facebook: https://www.facebook.com/sbsnews
Apple News: https://trib.al/MTx0gUe

For the latest news, visit www.sbs.com.au/news

Network Terms & Conditions: https://sbs.com.au/terms
Privacy Policy: https://sbs.com.au/privacy
Feedback or complaints: https://sbs.com.au/complaints