Media statement: Memorial Development Project funding update

The early works projects, including the excavation packages and design of the Major Works, are on budget and on time. Due to the significant and unprecedented market cost movement, the former government provided $50 million in March 2022 to manage these increases. We appreciate this support greatly.

 

These significant increases in supply costs are consistent with market movement across the entire construction and development industry. It is important to note, the scope of our works has not changed.

 

The impacts of inflation, supply chain constraints and shipping cost increases continue to put pressure on construction costs. We will continue to do everything we can to value manage the project.