$1.2 billion RBA renovation could get more expensive

The Reserve Bank’s multimillion-dollar renovation of its Martin Place headquarters could be even more expensive than its current billion-dollar blowout.

The project was initially expected to cost $260 million but has blown out to $1.2 billion due to large amounts of asbestos found in the building - an increase of $740 million.

When asked about the renovation at the federal parliament's economics committee on Monday, RBA governor Michele Bullock warned the cost could balloon even further.

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