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Launceston City Council announced a budget increase for the Princess Theatre redevelopment from $30 million to $43 million, with $12.7 million funded by the federal government. Mayor Matthew Garwood stated the increase is not a cost blowout, citing initial estimates and additional expenses.

The project aims to meet contemporary safety and performance standards and is expected to be completed by 2028. The Launceston Chamber of Commerce expressed concerns over the lack of public communication regarding the budget increase.