The cost of the proposed multi-purpose stadium at Macquarie Point has jumped to $945 million, the state government has revealed, as it released draft legislation to fast-track the Hobart project.
The new price tag marks a $200 million increase on the most recent estimate of $745 million and sits $230 million above the original $715 million budget announced when the project was first unveiled.
With $240 million pledged by the federal government and $15 million from the AFL, Tasmania will now need to borrow some of the remaining $690 million to get the stadium built.
Minister Eric Abetz revealed the updated figures on Tuesday, alongside draft laws that would sidestep the usual planning process to help push the project through.
“We have been remediating and preparing Macquarie Point for development for over twelve years and we know this land is the best available CBD site for a stadium,” Abetz said.
“It is time to draw a line in the sand and provide certainty for our own AFL team and the enabling infrastructure that is critical to make our team a success.”
“The impact the multipurpose stadium will have on our economy, jobs and investment is simply an opportunity we can’t miss. Now, it’s time we got on with building it.”
According to Abetz, the government brought in an experienced quantity surveyor to conduct a “robust assessment” of the stadium’s cost, leading to the significantly higher figure.
The updated $945 million estimate now includes detailed allowances for kitchen gear, food and beverage operations, communications tech and design changes to support cricket alongside AFL matches.
The funding model remains unchanged, Abetz said, with the government confirming the balance of costs will be met through borrowings by the Macquarie Point Development Corporation.
The draft legislation also responds to issues raised by the Tasmanian Planning Commission in its earlier assessment.
Abetz said “hundreds of pages” of conditions and requirements to address concerns have been produced.
Public consultation on the draft laws opens today and will run until June 16.
