The RBA is undergoing significant expansion, with a wave of new hires in technology roles pushing staff numbers beyond 2000 for the first time. This growth is putting pressure on space at its temporary offices, leading the central bank to promote remote work as a way to ease overcrowding.
In April 2024, the RBA relocated to a temporary office in Chifley Square in Sydney’s CBD while its Martin Place headquarters undergoes major renovations. Initially estimated at $260 million, the renovation budget has risen to $1.2 billion due to unexpected asbestos issues. Completion has now been delayed to 2029, four years later than planned. The temporary site offers desks for only about 40% of staff, intensifying the need for flexible work arrangements.
To manage space constraints, employees are asked to rotate their in-office days and use hot-desking. Attendance is still expected around half the time, however teams are being encouraged to distribute their office presence across the week. Mondays and Fridays are being promoted as alternatives to the more crowded mid-week days.
The recent 15% increase in staff in 2024–25 is primarily due to the RBA’s efforts to modernise its core technology systems. Most new hires are in IT and corporate support roles, contributing to a broad infrastructure transformation. This includes upgrading secure data centres and migrating software to modern platforms while phasing out older systems. These upgrades are crucial for strengthening the reliability of national payment and banking services, as noted in the bank’s annual report.
While other financial institutions have moved to enforce stricter return-to-office policies, including financial penalties tied to attendance, the RBA’s hybrid model reflects its need to accommodate operational growth and extended project timelines rather than enforcing a cultural change.
Although the bank faces office shortages and rising renovation costs, its focus on updating technology appears necessary to ensure Australia's payment system remains secure and reliable. Managing the balance between staff needs and limited physical space will remain a key concern in the years ahead.
