Date Time
Construction underway on major job-creating CBD office
Major works have started on a new 20-storey office block at 83 Pirie Street, creating thousands of jobs during construction, with the Department for Infrastructure and Transport to be the anchor tenant once complete.
The $300 million new office building is being delivered by Cbus Property Pty Ltd and is expected to create around 2,000 jobs during construction.
The start of major works were marked today by a Welcome to Country and smoking ceremony to pay respect to the traditional custodians of the land, the Kaurna people.
Minister for Infrastructure and Transport, Corey Wingard, said the new building will consolidate department staff into one location, creating savings for the taxpayer.
“Based on this reduction in costs from 0.86% to 0.56%, members invested in the Growth (Cbus MySuper) option last year alone saved $135 million of investment fees, and cumulatively have saved $240m since FY17,” Cbus said.
“Broadly assuming the same level of fee savings across the other options, total savings to Cbus members in FY20 (as compared to FY17) are expected to exceed $150 million,” it said.
Further the fund claimed that the decline in fees had not be brought at the cost of performance, pointing to recent research and ratings house analyses which had placed Cbus in the top tier of super returns as at 30 June, last year.