RBA office renovation cost quadruples after asbestos surprise
Central bank may pay up to A$1.2 billion for project after building declared uninhabitable
The Reserve Bank of Australia’s plan to renovate its head office in Sydney is poised to incur significant cost overrun after widespread asbestos were found in the building.
Initially expected to cost around A$260 million (US$168 million), the renovation project is now estimated to require A$1.2 billion to complete, a spokesperson from the RBA tells Central Banking.
“Initial works revealed that the building contains four to five times more asbestos than typically found in buildings of its era,” the
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