While Australians were being hit with successive interest rate hikes, staff at the Reserve Bank of Australia were throwing a lavish Christmas party.
The Australian The Reserve Bank of Australia is reported to have shelled out more than $80,000 at its lavish Christmas party last December.
The event was held in the glittering ballroom of the elegant Sofitel Sydney Wentworth in Sydney’s CBD.
The RBA has raised interest rates more than a dozen times since May 2022, but still sent out invitations to “all bank staff” to its Santa Claus soiree last year.
The guest list was for 650 people, but only 575 showed up, forcing the RBA to pay out more than $8,000 to cover the absences.
Attendees dined on a sumptuous menu that included grilled lamb chops, gnocchi and kingfish ceviche.
The banquet was completed with Semillon Sauvignon Blanc and NV Legacy Brut, and the food and drink bill topped $70,000.
As Australians suffered through the cost of living crisis, RBA staff danced the night away to a DJ and enjoyed audio-visual resources costing $10,000.
The RBA Christmas party was held in the glittering ballroom of the chic Sofitel Sydney Wentworth (pictured) in Sydney’s CBD and the food and drink bill topped $70,000.
The RBA has raised interest rates more than a dozen times since May 2022, but still sent out invitations to “all bank staff” to its Santa soiree last year. Reserve Bank of Australia Governor Michele Bullock is pictured
In addition to last year’s Christmas party, the RBA spent $11,000 on an International Women’s Day event in March, with Matildas player Kyah Simon as keynote speaker.
The Australian also revealed that in the 2023-24 financial year, the RBA spent almost $23,000 on promotional products to boost the brand and help recruit staff.
Branded products included stress balls, tote bags and gym towels.
The bank spent more than $3,500 on T-shirts and more than $3,000 on M&Ms wrapped in cellophane bags with the RBA logo.
In 2021, the RBA lost $9,000 after losing the deposit from a cancelled “IT department Christmas party” following a COVID-19 outbreak.
Former Labor strategist Kos Samaras has expressed surprise that the RBA spent $80,000 on his Christmas party while Australians were suffering successive interest rate rises.
The guest list for the Sofitel Sydney Wentworth ballroom (pictured) was 650 people but only 575 turned up, forcing the RBA to pay out more than $8,000 to cover no-shows.
“Australians see the RBA as a country that is a bit out of touch with reality and partly responsible for their problems. This sort of thing doesn’t help that brand,” he said.
“They shouldn’t be doing that in the middle of an affordability crisis, and especially when people are suffering the consequences over Christmas.”
The Sydney Morning Herald Another RBA party was reported to have been held in November last year, just hours after announcing another interest rate hike.
A special dinner was held with the Hobart community, where the food budget reached $13,700 and guests drank almost $4,000 worth of Tasmanian alcohol, including Freycinet Louis chardonnay.