Asbestos at the RBA: why billions in removal costs make proactive action critical

It may come as a surprise, but many older buildings across Australia still contain asbestos.

While it may seem like a distant problem that only impacts a few people and organisations, the recent asbestos issue at the Reserve Bank of Australia (RBA) headquarters in Sydney shows how widespread the problem really is.

Put simply, if the RBA, with all its resources and safety measures, is dealing with asbestos, it’s clear that the problem is widespread.

Recent reports have revealed that the cost of renovating the RBA headquarters has blown out by 40% to $1.2 billion. Part of that increase comes down to the challenge of managing old asbestos materials, which raises a difficult question: Is it ever safe to leave the old asbestos in place, no matter the cost of removal?

At Maurice Blackburn, we often witness the lasting impact of unmanaged asbestos. People’s health can be permanently affected, which is why safety and wellbeing must always come first.

Asbestos in Australia: a national issue

Before the 1980s, Australia was one of the highest per capita users of asbestos in the world (Hodgson & Darcey, 2023). Asbestos was widely used in items such as sheeting for walls and floors, fire doors, piping and insulation. Even today, asbestos remains present throughout commercial buildings, homes, and industrial sites.

Asbestos is so prolific that it’s estimated that one in three homes in Australia still contains asbestos. This widespread presence demonstrates that asbestos isn’t an issue confined to just old or industrial buildings, it’s a national concern that affects everyday Australians. 

The RBA example

In an ideal world, all asbestos would be removed from all sites in Australia and across the world. This is the only way to eliminate the risk and keep communities completely safe.

But the reality is that removing old asbestos is extremely expensive.  If a well-resourced organisation like the RBA is weighing up whether to leave asbestos in place, it’s easy to imagine how difficult that decision is for everyday people and businesses facing the same problem.

Is it safe to live and work around asbestos?

According to the NSW Government, “if asbestos-containing materials are stable material and in good condition, they are a low health risk. You may be able to paint or cover asbestos safely. Asbestos can deteriorate over time, so it may need to be removed later.”

The problem is that in buildings like the RBA headquarters and many across Australia, asbestos materials were manufactured and installed 50 to 100 years ago.  Over time, asbestos products can deteriorate and break down.  This can lead to asbestos fibres being released into the air, creating a serious health risk.

It's a frightening thought, and one that highlights why proactive asbestos management and removal are still such important issues today.

What can be done?

When a public institution like the RBA faces a very public asbestos crisis, it brings the issue into focus.  There’s unfortunately no easy fix, but there are steps people can take to protect themselves.

If you live in a house that you think might contain asbestos, don’t touch or disturb it.  If you work somewhere you think might have asbestos, report it and follow up to make sure the issue is taken seriously.  Be alert, but not alarmed, and always follow official government advice about how to manage or remove asbestos safely. 

Ultimately, quick fixes are only band-aid solutions.  As a community, we need to find safer, more effective ways to remove asbestos from our homes, workplaces and public buildings, and to prevent future generations from being exposed to completely preventable conditions.

We're here to help

If you’ve been exposed to asbestos, whether at work or at home, and diagnosed with an asbestos-related disease such as mesothelioma or asbestosis, you may be able to make a claim for compensation.

There are strict time limits for making a claim, so it’s crucial seek to expert legal advice as soon as possible. Acting early can help protect your rights and ensure you receive the support you’re entitled to.

Our team of expert asbestos lawyers are here to guide you through the process, explain your legal options, and help you understand your eligibility for compensation. We’re here to make it as easy as possible for you so that you can focus on your recovery.

Contact us for a free, no-obligation initial consultation today.