The City of Melbourne is responsible for issuing permits for the design and construction of building site hoardings. It is unclear if a permit was issued for the new hoarding or if and when the site was inspected prior to its collapse.
A CCTV camera located on the adjoining RMIT building and pointed along the Swanston Street footpath may hold the key and vision of the walls collapse.
Link: For more analysis on the wall's history and its collapse by Butterpaper
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