- Reserve Bank of Australia Head Office Workplace Project
Project update
3.1In March 2020 the Committee approved the Reserve Bank of Australia’s (RBA) Head Office Workplace Project at a cost of $259.7 million (later revised to $266.6 million). The project’s purpose was to ensure the structural and functional viability of the head office building at 65 Martin Place, Sydney, for the Bank’s next 25 years of occupancy.
3.2The Committee was advised by the RBA that the cost of this project has significantly increased, primarily due to large amounts of asbestos being discovered within the building fabric. Given the very large increase in cost, the Committee requested further information about the project and whether any alternative options had been considered. In April 2024, the Committee inspected the Martin Place site and received a detailed briefing from RBA staff and contractors.
3.3The Committee does not have a statutory obligation to report its opinion on increases in cost that occur during a project. However, due to the scale of the cost and time increases for this project, the Committee has chosen to report that it has examined the proposed changes and assessed the public value of the expanded works. The Committee is satisfied that the increase in cost is necessary and represents an effective use of money.
Mr Graham PerrettMP
Chair