Timeline of 65 Martin Place Project

2018 – Project inception

Initial planning: The RBA began planning a refurbishment of its Sydney headquarters at 65 Martin Place.
Original scope: Upgrade the base building to meet contemporary requirements and create a new workplace for the RBA’s operational needs.
Original assumptions: Limited asbestos following earlier remediation, retention of the façade, no material impact on basement operations, and continued occupation during the works.

Design and options: Early architectural and engineering studies considered refurbishment and relocation options.
Decision: An integrated refurbishment of 65 Martin Place was assessed as the most cost-effective long-term option.
Parliamentary consideration: The original proposal was considered by the Parliamentary Standing Committee on Public Works in 2020.

Design development: The original refurbishment design was developed and procurement undertaken.
Contractor appointment: Built was appointed as head contractor in March 2022.
Construction commencement: Works commenced in April 2022.
Latent conditions: During 2022, investigations identified more extensive asbestos than had been anticipated, requiring the works to be resequenced while the implications were assessed.

Investigations: Further investigations confirmed extensive hazardous materials and other latent building conditions.
Options assessment: The RBA reassessed the available options for 65 Martin Place, including redevelopment and relocation alternatives.
Direction: The RBA decided to retain and redevelop 65 Martin Place, including stripping the building back to its steel frame to enable comprehensive remediation.

Staff relocation: RBA staff relocated to temporary leased accommodation at 8 Chifley Square.
Specialist functions: Planning and delivery of alternative arrangements continued for specialist functions that could not remain at 65 Martin Place throughout the redevelopment.
Delivery strategy: The project adopted a two-stage delivery approach: Stage 1 for remediation and demolition, and Stage 2 for the new building and workplace.

Managing contractor: Built was appointed as managing contractor for Stage 1 in March 2025.
Planning approval: The City of Sydney approved the development application for hazardous-material removal in August 2025.
Commonwealth approval: Approval for the expanded redevelopment scope was received under Commonwealth environmental legislation in October 2025.
Stage 1 works: Hazardous-material remediation, strip-out, heritage salvage, scaffold installation and enabling works progressed.

Redevelopment approval: The City of Sydney approved the development application for demolition and redevelopment on 19 March 2026.
Stage 1 progress: Hazardous-material remediation and enabling works continued ahead of the contract program. The perimeter demolition scaffold and internal construction hoist were completed.
Construction certification: The first construction certificate was obtained on 17 August 2026, enabling façade remediation and demolition to commence. Work continues on the remaining certification requirements for structural demolition.
Stage 2 planning: Procurement of the core design team progressed, with the design to be developed to a more advanced level before the main construction contract is tendered in 2027.
Workplace strategy: The workplace strategy was completed to guide detailed design of the future headquarters.
Budget and completion: The approved project budget is $1.17 billion. Completion is scheduled for July 2031. The project is wholly funded by the RBA and does not draw on the Commonwealth Budget.

Stage 1: Continue façade remediation and demolition, complete the remaining certification requirements and prepare for structural demolition.
Stage 2: Complete design team appointments, progress detailed design and prepare for open-market tendering of the main construction contract in 2027.
Ongoing reporting: Continue public reporting on material changes to project cost, scope or schedule.