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The Launceston City Council disclosed that the redevelopment of the Princess Theatre will cost $43 million, an increase from the initial estimate of $30 million, with $12.7 million sourced from the federal government. Mayor Matthew Garwood defended the increase, indicating it was due to further expenses encountered, such as relocating a power substation.

The project aims to restore the theatre to modern standards, with traffic changes implemented from this week. Critics, including the Launceston Chamber of Commerce, expressed concerns about the timing of the announcement and potential further cost increases as the project progresses, expected to conclude in 2028.