Asbestos forces Reserve Bank rate call to be moved to Auckland

Tuesday, 18 November 2025

A Reserve Bank conference event has had a last-minute venue change as its building stays closed due to asbestos.

The Reserve Bank is having to move its crucial interest rate decision next Wednesday to Auckland, after potentially dangerous asbestos was found in the building.

The Reserve Bank building at 2 The Terrace - which is across the road from both the Treasury and Parliament - was forced to close its doors earlier this month amid concerns about asbestos found during building works.

It is the second time in a decade the MPS media conference was moved out of its Wellington building due to an asbestos scare, with the building closed for a period in 2018.

The central bank’s Monetary Policy Statement is where senior bank officials front up to explain interest rate decisions and economic forecasts.

It is widely expected the Reserve Bank will cut rates to 2.25% and it will be the last MPS fronted by governor Christian Hawkesby.

A spokesperson said it had changed the event’s location in case there were delays to the asbestos remediation. The building is due to reopen on November 24 - two days before the interest rate call - but the bank said it was erring on the side of caution in rescheduling the location.

The building, which was opened in 1972, was closed on November 7 after an isolated disturbance of asbestos was identified as part of a routine building-wide survey of asbestos material.

Coincidentally, a 4.9 magnitude earthquake also closed the building that evening for air quality monitoring to be completed.

A spokesperson said the building’s closure did not have any impact on the bank’s services as staff would work from home work and from its Auckland premises.

The incident comes fresh off the news of the closure of more than 20 schools around the country after asbestos was found in multiple brands of sand play products. At the time of writing, more than 200 schools were understood to have been potentially affected by the asbestos scare.

Earlier in the year, The Post revealed that the new headquarters of the Ministry of Foreign Affairs and Trade had its own potential asbestos problem.

A voluntary recall for fire doors potentially contaminated with asbestos was issued in September for doors sold by Pacific Door Systems Limited. SkyCity International Convention Centre and the $326 million GCSB data centre at Whenuapai air base were also affected by the recall.