On May 25th, 1930, the Governor's Mansion of the City of Sydney and the City Council jointly issued a public announcement to construct a skyscraper on Victoria Street in Sydney, which would exceed 381 meters in height, and they decided to name it the Kingdom Building.
The total cost of the building was estimated at 45 million Australian dollars, with the Kingdom Government, the royal family, and the Territory of Sydney each contributing 15 million Australian dollars.
Merely the news that had just been released quickly attracted a great deal of attention from both the citizens of Sydney and people from outside the city.
Although Sydney, as a major city, had many tall buildings, a skyscraper standing 381 meters tall was unprecedented.
A fiscal budget of 45 million Australian dollars was an extravagant sum, enough to construct nearly five battleships.