[2] The successful growth and development of the Government Savings Bank of NSW over several decades necessitated relocating the operation to larger premises capable of not only accommodating the current requirements but also future ones.

Between 29 November 1920 and 21 September 1921 the Commissioners of the Bank purchased five adjoining strips of land (comprising seven properties) between Castlereagh and Elizabeth Streets.

[2] Construction eventually commenced in February 1925 and 48 Martin Place was completed late in 1928, and was officially opened by the Premier of New South Wales, the Hon, T. R. Bavin, on 13 December 1928.

The roof provided panoramic views over the harbour and the city in 1928, and the whole building symbolised the optimism and forward thinking of the 1920s prior to the great Depression, in addition to the prestige, security and strength of the Bank.

The location, size and grandeur of the building confirmed a belief in the stability and endurance of the Australian economy in general, and the distinguished place of New South Wales in that development in particular.

[2] Recognising the importance of 48 Martin Place, the Commonwealth Bank commissioned Australian Construction Services late in 1980 to develop proposals for the conservation and upgrading of the building.

Research also included the removal of one window of each type from the south-east corner of the building to investigate the method of detailing and the condition of the metal and working mechanisms.

Externally the building displays monumental civic scale in the Beaux-Arts architectural style, and precise symmetrical detailing utilising classical motifs.

Above the base storey, strongly expressed with red granite facing, the cladding is pink terracotta blocks arranged in small tessellated effect.

The style was used to express the wealth and stability of financial institutions emphasising the qualities of:[2] Extensive conservation works have restored the principal public areas to near original condition internally.

The main entrance is from Martin Place with access available from both Castlereagh and Elizabeth Streets, and also at the northern end of the building, between the Grand Hall and the Banking Chamber.

The lofty ceiling is coffered and treated in a decorative manner, achieved by use of Wunderlich pressed metal panels fixed to the concrete slab.

A ribbed barrel dome, embellished with mosaics and stained glass panels depicting prosperous Australian industries at the time of construction, surmounts the passage.

Located centrally within the Hall is the Grand Stair, a wide marble staircase with bronze grille balustrade and Queensland maple handrail.

Mosaic spandrels above marble walls are framed by the ceiling vaults and depict wreaths and festoons in rich green and red against a neutral setting.

[1] As at 6 July 2000, The Government Savings Bank building at 48 Martin Place is culturally significant at a National level as a rare example of Inter-War Beaux-Arts architecture demonstrating outstanding technical accomplishment.

Located at a prominent address on Martin Place, the building played an important role in the development of the economy in New South Wales during the 1920s.

The Government Savings Bank building was listed on the New South Wales State Heritage Register on 17 November 2000 having satisfied the following criteria.

[2] The distinguished location, scale and majestic style of the new Head Office signified the optimism and confidence of the 1920s following World War I, the belief in the stability and endurance of the Australian economy and the pre-eminence of the Sydney CBD financial centre.

The project instigated by the President and Commissioners of the Government Savings Bank was remarkable in scale and cost, providing a considerable boost to employment and the building trade in NSW in the 1920s.

As a major financial institution representing small investors, the collapse of the Government Savings Bank in 1931 had a devastating effect upon the lives of ordinary citizens.

Loss of confidence also arose from the dispute between Federal and State Labor governments and general fear of the policies instigated by NSW Premier Jack Lang.

48 Martin Place represents an important conservation project, enabling the revival of several trades and skills associated with the heritage industry.

[2] The building was commissioned by the first president of the Government Savings Bank of NSW at 48 Martin Place, W. H. O'Malley-Wood, and Commissioners H. D. Hall and J. H. Davies.

The building is associated with political figures James Dooley (former Premier of NSW) and J. T. Lang (former Colonial Treasurer), who along with O'Malley-Wood laid the foundation stones in 1922.

While the building itself remains a symbol and the importance of banking is still acknowledged, current community values and the regard for politics and large institutions in general have changed.

In addition to the original drawings, a remarkable surviving source of information, much of the research potential was investigated and recorded in the recent conservation work (1984-1990).

The Beaux-Arts style is rare in Australia, with no identifiable distribution pattern evident, and the building exhibits uncommonly rich detailing and unique use of materials.

The technique of using façade terracotta as formwork and also special features such as the mechanical fire stair and Martin Place hydraulic door are rare within Australia.