Inside the RBA’s $80,000 Christmas party: Bankers knocked back NV Legacy fizz and guzzled kingfish ceviche while Aussies suffered through interest rate hikes

As Australians faced successive interest rate hikes, Reserve Bank of Australia staff celebrated with a lavish Christmas party.

The Reserve Bank of Australia spent more than $80,000 on its lavish Christmas party last December, The Australian reported.

The event took place in the glittering ballroom of the posh 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 employees” for Sinterklaas celebrations last year.

The guest list called for 650 guests, but only 575 people showed up, leaving the RBA with over $8,000 to cover no-shows.

Those who did attend enjoyed an extensive menu including grilled lamb chops, gnocchi and kingfish ceviche.

The banquet was washed down with semillon sauvignon blanc and NV Legacy Brut, bringing the food and beverage bill to more than $70,000.

While Australians were struggling with the ongoing cost of living, RBA staff danced the night away with a DJ and enjoyed audiovisual equipment, which cost another $10,000.

The RBA has raised interest rates more than a dozen times since May 2022, yet sent out invitations to “all bank staff” for last year’s Santa Soiree. Reserve Bank of Australia Governor Michele Bullock is pictured

In addition to last year’s Christmas party, the RBA also spent $11,000 on an event in March to celebrate International Women’s Day, with Matildas player Kyah Simon as the keynote speaker.

The Australian also revealed that the RBA spent almost $23,000 on promotional merchandise in the 2023-24 financial year to boost its brand and recruit staff.

The branded items included stress balls, bags and sports cloths.

The bank spent more than $3,500 on T-shirts and more than $3,000 on M&Ms packaged in cellophane bags with the RBA logo.

In 2021, the RBA lost $9,000 after losing the deposit for an “IT department Christmas party” that was cancelled due to the Covid-19 outbreak.

Former Labor strategist Kos Samaras was shocked when it emerged the RBA spent $80,000 on Christmas, while Australians continued to face higher interest rates.

The guest list in the ballroom of the Sofitel Sydney Wentworth (pictured) was for 650 people, but only 575 turned up, leaving the RBA paying more than $8,000 to cover the no-shows

“Australians see the RBA as a bit out of touch and, in part, responsible for their problems. These sorts of things don’t help that brand,” he said.

‘They should not do that at a time when housing affordability is under pressure, and especially not if people suffer from this during the Christmas holidays.’

The Sydney Morning Herald reported on another RBA party held in November last year, just hours after another rate hike was announced.

A special dinner was held with the Hobart community, with the food budget rising to $13,700 and guests drinking almost $4,000 worth of Tasmanian alcohol, including Freycinet Louis chardonnay.