RBA Reveals $400m Second Stage of Sydney Asbestos Fix
The second stage of the Reserve Bank of Australia’s redevelopment is on exhibition, revealing a $401.6-million price tag.
Included in this round of works at the bank’s headquarters at 65 Martin Place, Sydney, are construction of a new core, lobby, roof pavilion with solar panels, new slabs for levels 3 to 20 and a new facade.
While a height variation request is included in the proposal, the form and volume of the original building are largely retained and only 917mm will be added to the new roof pavilion.
Reconstruction of the Malcolm Munro Garden and other associated landscaping, public domain, heritage and internal works are also proposed, with gross floor area of 49,933sq m on the 2838sq m site.
A $22-million unitised curtain wall facade with grey marble cladding and $73 million devoted to fitout of the offices are among line items in the final bill.
The existing 1964-built steel frame and basement will be retained but all other elements of the structure will be demolished or remediated following the RBA’s discovery of high levels of asbestos contamination.
Since its completion 61 years ago, the 22-storey Walter Gropius-inspired building has evolved in line with the bank’s evolving functions, workplace norms and building deterioration. The original marble facade was over-cladded in 1993 and the squash courts were removed in the early 2000s.
Another round of renovations and updates began in 2022 but was scrapped after asbestos levels were found to be four-to-five times higher than buildings of similar age and construction materials. Fire stairs and lift shafts were also found to be non-compliant with safety codes. The first round of remediation works began earlier in 2025, with a $76.5-million scope of works.
The complexity of the project has been compounded by the critical infrastructure housed within the building, supporting Australia’s financial system and economy. The RBA’s data centre, currency operations and strongrooms, and banking archives are all in the headquarters, which also holds significant heritage value.
As reported to the governor in April 2024, projected costs for redevelopment options exceed $1 billion.
The application is open for comment until January 12, 2026.
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