A $260 million renovation of the Reserve Bank of Australia’s headquarters is on track to cost taxpayers almost $500 million, as the discovery of asbestos forces the central bank to embark on the highest-risk and most expensive option for the redevelopment of its Martin Place building.
The RBA received approval from federal parliament in 2020 for a much-needed renovation of its head office at 65 Martin Place in the Sydney CBD. The office was purpose-built in 1964 but now falls short of modern building standards.
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Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
