Redevelopment of 65 Martin Place
The Reserve Bank of Australia (RBA) is undertaking a major redevelopment of its Head Office at 65 Martin Place in Sydney.
Initial works revealed substantially more asbestos than had been anticipated. The extent and location of the contamination require the building to be stripped back to its steel frame so hazardous materials can be safely and comprehensively removed.
The redevelopment will also address building compliance, energy performance and operational requirements. Following consideration of the available options, the RBA determined that retaining ownership and redeveloping 65 Martin Place is the most responsible and cost-effective long-term solution.
Project update – September 2026
The project remains within its approved budget of $1.17 billion and is scheduled for completion in July 2031. The redevelopment is wholly funded by the RBA and does not draw on the Commonwealth Budget.
The project is being delivered in two overlapping stages. Stage 1 covers hazardous-material remediation and demolition. Stage 2 covers design and construction of the new building and the RBA workplace.
Stage 1 – Remediation and demolition
Stage 1 is progressing ahead of its contract program. Hazardous-material remediation, internal strip-out, heritage salvage and enabling works have advanced across the building. The perimeter demolition scaffold and internal construction hoist are complete, and façade remediation and demolition have commenced following receipt of the first construction certificate in August 2026.
The project team is continuing to work with the City of Sydney and neighbouring stakeholders on the remaining certification requirements and the management of construction noise and vibration before structural demolition begins.
Stage 2 – New build
Planning and procurement for Stage 2 are progressing. Appointment of the core design team is being finalised, with design to be developed to a more advanced level before the main construction contract is tendered in 2027. This approach is intended to improve pricing certainty and delivery confidence.
The workplace strategy has also been completed and will guide the detailed design of the future headquarters, including the workplace experience, public-facing areas and specialist operational requirements.
Planning approvals
The City of Sydney approved the development application for hazardous-material removal in August 2025 and the development application for demolition and redevelopment in March 2026. Approval for the expanded scope of works under Commonwealth environmental legislation was received in October 2025.
Temporary accommodation and specialist functions
RBA staff and Head Office functions are operating from leased premises while the redevelopment is underway. Some specialist functions will remain at 65 Martin Place until alternative arrangements are completed. These relocations are being coordinated with the construction program.
Further information
Documents about the project, including planning material and previous public updates, are available below. Information about current site activities for neighbours is also available from the project website.
Documents:
- FOI request RBAFOI-232450 - 7 May 2024 – ‘The latest update provided to the Governor about the 65MP Project to renovate the Reserve Bank’s Head Office building at 65 Martin Place, Sydney’.
- Development Application documents relating to the removal of hazardous building materials including protection and/or salvage of heritage significant fabric, and associated temporary construction works and street tree pruning.
- Preliminary Documentation Additional Information Request EPBC (2024/10052) 41.5MB
- August 2025 – 65 MP Project Update
- Development Application 2 (DA2) | Redevelopment of 65 Martin Place
- There are some critical functions of the RBA that cannot be continued at 65 Martin Place during the asbestos removal process, more information is available here: Reserve Bank of Australia — Head Office Storage and Logistics Change – Parliament of Australia