Reserve Bank of Australia Martin Place Building Renovation

under construction

The project involves the renovation and partial rebuild of the 22-storey Martin Place building, the Reserve Bank of Australia's head office. Initially scoped at $260 million in 2020, the project escalated to a $1.2 billion knock-down rebuild due to extensive asbestos problems discovered during construction. The redevelopment includes demolition, asbestos removal, restoration of heritage features such as the marble banking chamber and Malcolm Munro garden, and a rooftop pavilion with solar panels. The City of Sydney has approved the development application, allowing demolition to commence six years after initial parliamentary approval. The project faces ongoing cost uncertainties and governance concerns, with completion expected in June 2031.