The renovation is now on par with the controversial $500 million Australian War Memorial redevelopment as one of the most expensive Commonwealth works projects.
But after a series of complications, including the discovery of significant quantities of asbestos,understands the cost of the project has blown out by more than 80 per cent, with expenditure on track to hit almost $500 million.of the Australian War Memorial as one of Australia’s most expensive Commonwealth public works projects.after admitting it underpaid almost 1200 staff $1.15 million over seven years.Part of the cost overrun comes from a change in scope.
Renovating 65 Martin Place while relocating all the RBA’s staff was the most expensive of the three options originally considered by the central bank. RBA assistant governor for corporate services Susan Woods said in February 2020 that temporary relocation of its staff carried “significant risks” and would add about $200 million to the cost of the project.
“The project timeline of 65 Martin Place has changed due to the discovery of more hazardous material than anticipated at RBA’s headquarters,” the spokeswoman said.“As a result, the bank has signed a lease at 8 Chifley Square, which has the capacity to accommodate bank staff in the one location. Ms Woods told the public works committee in February 2020 the building’s base infrastructure was approaching its end of life.“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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