RBA Headquarters Renovation to Outlast Governor in Cost Blowout
The Reserve Bank's new governance board reviewed the ballooning costs at a meeting earlier this week and weighed whether the project should proceed, according to documents released Wednesday. The completion date has now been pushed back to mid-2031, nearly a year after Governor Michele Bullock's seven-year term ends.
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A cost-benefit review concluded that moving ahead with the renovation — originally estimated at A$260 million — remains the most economical choice for the central bank. The board has signed off on that path for now but said it would revisit the decision as the project advances.
The governance board — which counts former Telstra CEO David Thodey and Law firm Gilbert + Tobin's co-founder Danny Gilbert among its members — plans a fresh assessment once all asbestos has been removed by 2027. Getting rid of the toxic material is expected to account for about half the total estimated cost of the building's overhaul.
In the US, cost overruns associated with the renovation of the Federal Reserve's headquarters have drawn scrutiny with President Donald Trump weighing a lawsuit against Chair Jerome Powell. The renovation work has become a flashpoint in Trump's pressure campaign against Powell and the central bank for not lowering borrowing costs and saw him tour the construction site last month in a rare presidential visit to the Fed's headquarters.
The RBA has not drawn similar scrutiny and is self-funding, though its spending still matters for taxpayers because it pays a dividend to the government. The bank hasn't paid a dividend in recent years following hefty losses from its pandemic stimulus program.
When it began planning the project in 2018, the RBA believed 65 Martin Place was mostly free from asbestos, and that its staff could stay in the building while it was renovated. However, the offices had to be vacated with the central bank leasing a new facility nearby.
The renovation of the 60-year-old building which is subject to strict heritage requirements has become one of the most expensive Australian office refurbishments on record, according to the Australian Financial Review, which first reported the story.
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