While Aussies were being hammered with successive interest rate hikes, Reserve Bank of Australia staff were kicking up their heels at a lavish Christmas party.
The Reserve Bank of Australia shelled out more than $80,000 on its opulent Christmas party last December, The Australian reported.
The event was held in the glittering ballroom of the swanky Sofitel Sydney Wentworth in Sydney’s CBD.
The RBA has increased interest rates over a dozen times since May 2022, but still sent out invites to ‘all bank staff’ to its Santa soiree last year.
The guest list was for 650 people but only 575 showed up, forcing the RBA to pay more than $8,000 to cover the no-shows.
Those who did attend dined on a sumptuous menu including grilled lamb cutlets, gnocchi and kingfish ceviche.
The banquet was washed down with semillon sauvignon blanc and NV Legacy Brut, with the food and beverage bill topping over $70,000.
While Aussies suffered through the ongoing cost-of-living crunch, RBA staff danced the night away with a DJ and enjoyed audio-visuals at a cost of another $10,000.
The RBA Christmas party was held in the glittering ballroom of the swanky Sofitel Sydney Wentworth (pictured) in Sydney’s CBD with the food and beverage bill topping $70,000
The RBA has hiked up interest rates over a dozen times since May 2022, but still sent out invites to ‘all bank staff’ to its Santa soiree last year. Reserve Bank of Australia Governor Michele Bullock is pictured
As well as the Christmas party last year, the RBA spent $11,000 on an International Women’s Day event in March, featuring Matildas player Kyah Simon as the keynote speaker.
The Australian also revealed that in the 2023-24 financial year, the RBA spent almost $23,000 on promotional merchandise to boost the brand and help recruit staff.
The branded merchandise included stress balls, tote bags and gym towels.
The bank spent over $3,500 on t-shirts and more than $3,000 on M&Ms wrapped in cellophane bags featuring the RBA logo.
In 2021, the RBA was out of pocket $9,000 after forfeiting the deposit on an ‘IT department Christmas party’ cancelled following a Covid-19 outbreak.
Former Labor strategist Kos Samaras expressed his shock at the RBA spending $80,000 on its Christmas party when Aussies were copping successive interest rate rises.
The guest list in the ballroom of the Sofitel Sydney Wentworth (pictured) was for 650 people but only 575 showed up, forcing the RBA to pay more than $8,000 to cover the no-shows
‘Australians perceive the RBA as a bit out of touch and, in part, as responsible for their problems. This sort of thing doesn’t help that brand,’ he said.
‘They shouldn’t be doing that in an affordability crisis and especially as people feel the pain of it over Christmas.’
The Sydney Morning Herald reported on another RBA party held In November last year, merely hours after announcing another interest rate hike.
A special board dinner was held with the Hobart community, that saw the food budget hit $13,700 and guests downing almost $4,000 of Tasmanian alcohol, including Freycinet Louis chardonnay.
Daily Mail Australia has contacted the RBA for comment.
This article was originally published by a www.dailymail.co.uk . Read the Original article here. .