Already a subscriber?The cost of refurbishing the Reserve Bank of Australia’s historic 65 Martin Place headquarters has blown out to $1.1 billion, prompting the central bank to consider selling the asbestos-ridden building and moving.that the $260 million renovation had blown out to $500 million due to the discovery of significant quantities of asbestos, four to five times worse than in a typical older building.
The government is unlikely to receive a dividend from the bank for at least a decade after its balance sheet plunged intoThe cumulative financial losses from its extraordinary pandemic stimulus measures stand at $43 billion. The next most attractive option was to walk away from the renovation, sell 65 Martin Place and buy somewhere else, which would cost $1.4 billion over 30 years.
While the renovation was originally forecast for completion in July 2025, the documents show the revamp is now not expected to be finished until November 2029. “As a consequence of that, the building, in many respects, falls short of current standards: building standards, safety standards, accessibility standards and, most importantly, sustainability standards,” she said.
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