$70,000 becomes $25,000 as APRA scales back Christmas party

The Australian Prudential Regulation Authority’s most recent Christmas party was a much more modest event after its $70,000 2023 affair prompted questions from Senate Estimates.

While the 2023 APRA event was held at Sydney’s Sheraton Grand Ballroom, the 2024 event was held onsite, and was projected to cost a mere $25,294 much of which would be covered by ticket sales and staff fundraising.

Asking questions from NSW Labor Senator, Tony Sheldon, who had suggested the event would have an impact on the APRA levy paid by superannuation funds, APRA made clear that the regulator only financed a portion of the Christmas party.

“APRA holds an end of year event as a means of bringing staff together for the purposes of recognising work and achievements throughout the year and helping to embed a positive and inclusive workplace culture across the organisation. The cost of the event is split between ticket sales, staff fundraising coordinated by the staff social club throughout the year and an APRA-funded component,” it said.

“As with all APRA expenditure, expenditure on this event is incurred in compliance with the requirements of the Public Governance, Performance and Accountability Act 2013. The cost of the end of year event in 2023 was $70,297.94 (including GST). Of this, ticket sales and fundraising covered $28,165.30 and the remaining $42,132.64 was funded by APRA. Ticket prices for the event are set having regard to the desire to balance staff contribution and attendance. APRA is constantly reviewing the arrangements to ensure they are appropriate.”

“The same event being held in 2024 is being held onsite and is projected to cost $25,295. Of this, ticket sales and staff fundraising are expected to cover $11,250 and the remaining $14,045 will be funded by APRA.”