RBA's Latest Office Revamp: A $15M Blip on a Bigger Picture

The Reserve Bank of Australia (RBA) is embarking on another major renovation project, despite concerns about rising construction costs. The central bank has gained approval from the City of Sydney for a $15.3 million refurbishment of the heritage-listed Perpetual Trustee Company Building at 39 Hunter Street in Sydney's CBD.

This comes after a previous controversy over the RBA's rebuild of its headquarters at 65 Martin Place, which was initially estimated to cost $1.2 billion but has now surpassed that figure due to blowouts and delays.

The RBA appears undeterred by these issues, with no public explanation for why it is pursuing another costly renovation project in the midst of rising interest rates aimed at cooling construction activity.