Massive bill arrives for Sydney’s faulty towers

Friday 17 April 2020

In June last year, Sydney’s 132-apartment Mascot Tower was evacuated after large cracks were discovered.

Fresh cracks appeared in February, prompting authorities to close shops and set up an exclusion zone around the building.

Now it has been revealed that apartment owners are facing a repair bill of $53 million, which has prompted some to try and cut their losses and sell at fire sale prices.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.