On 4 July 2020, the Government announced that the Powerhouse Museum at Ultimo would be retained and renewed. The renewal of the Powerhouse Ultimo is subject to a Final Business Case, which was completed in December 2020, and is being considered by Government.
With the announcement of the retention of the Powerhouse Ultimo, the Government will deliver two world-class museums for Greater Sydney. They will complement each other, with Powerhouse Parramatta focusing on science and technology and Powerhouse Ultimo on design and innovation.
Powerhouse Ultimo will provide spaces to continue to exhibit the much loved Boulton Watt, Locomotive One and the Catalina and many more objects from the collection never seen before including the extensive fashion, decorative arts and design collection.
The business case explored a range of options for Powerhouse Ultimo. This masterplan fully engages with the precinct around the site. A conservation management plan is being finalised to ensure the museum's heritage fabric is appropriately celebrated and conserved.
The business case is being considered as part of the budget process.