A Sudden Closure in the Heart of the Capital

The Reserve Bank of New Zealand (RBNZ) has temporarily closed its main Wellington building on The Terrace after an asbestos disturbance was found during a routine inspection. The closure, which comes after a coincidental 4.9 magnitude earthquake on the same day, has raised public concern about the safety of older government buildings across the city.

The building at 2 The Terrace will stay closed until at least November 24, while safety and remediation work is completed.

How the Asbestos Disturbance Was Discovered

On Thursday, 6 November, RBNZ contractors were carrying out a routine building-wide asbestos survey when they identified a small, isolated disturbance. The affected area was immediately contained, and WorkSafe New Zealand was notified.

While the bank confirmed that air quality testing showed no immediate danger, officials say the closure was a precautionary measure to protect staff and tenants.
The building contains encapsulated asbestos — a type sealed within materials — which can still pose risks if disturbed.

Coincidental Earthquake Complicates the Situation

Adding to the concern, a 4.9 magnitude earthquake struck Wellington later that same evening, forcing the RBNZ building to close for further testing.
The quake prompted additional air monitoring to ensure no fibers were released due to building vibrations or damage.

Although testing confirmed safe air levels, the combination of the earthquake and asbestos finding made it necessary to extend the closure until the remediation work can be completed.

Fire Safety and Building Access Challenges

RBNZ noted that remediation work requires fire sprinkler systems on a key emergency exit floor to be deactivated temporarily. This makes normal occupancy unsafe until the system is fully restored.
Because of that, the entire building remains closed, not just the affected area.

Continuing Operations and Staff Relocation

Despite the closure, RBNZ confirmed that essential operations remain unaffected.
Business continuity plans have been activated, with staff now working from Auckland offices and remotely to ensure no disruption to public services.

A spokesperson said,
“The health and safety of our staff and tenants is our highest priority. We’re taking all necessary steps to ensure a safe work environment before reopening.”

Long-Term Plans for Building Refurbishment

The discovery adds urgency to RBNZ’s ongoing refurbishment project for 2 The Terrace. The building, which houses both RBNZ offices and tenants, has encapsulated asbestos as part of its construction materials — common in many older Wellington structures.

Refurbishment work is part of RBNZ’s 2024–2028 Statement of Intent, with further details outlined in the 2025 Annual Report. The project aims to modernize the building and address long-term safety concerns.

What This Means for Wellington’s Older Buildings

The incident highlights a broader issue: many government and commercial buildings in Wellington still contain asbestos, especially those built before the 1990s.
Experts say that while encapsulated asbestos is generally safe if left undisturbed, any vibration, renovation, or earthquake can pose risks.

With ongoing seismic activity and aging infrastructure, this event underscores the importance of proactive safety inspections in the capital.

When Will the Building Reopen?

RBNZ expects the building to remain closed until at least November 24, depending on weather conditions and remediation progress.
Work crews will complete asbestos removal, reinstall fire systems, and conduct further air quality tests before reopening.