RBA drunk on the job

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Via News:

TAXPAYERS have been slugged a $166,000 booze bill over the last three years racked up by bankers at the Reserve Bank of Australia — the organisation in charge of the country’s fiscal responsibility.

They quaffed two dozen bottles of 2012 Penfolds Bin 389 cabernet shiraz — valued at $75 each — and bought 157 cartons of James Squire Pale Ale in one hit.

RBA staff also bought 2952 bottles of Coopers Ale and 3336 bottles of James Boag Premium Lager — costing the taxpayer $11,600.

The information was discovered through a Freedom of Information request by the Daily Telegraph which revealed bankers had drunk $47,000 of booze on the taxpayer’s dime in the last 12 months.

The RBA said it was commonplace for workers to crack a wine after “finishing a big project” or when entertaining guests.

The bank — which is in charge of the country’s monitory policies — also hosts “functions” where alcohol is “procured” for staff to drink.

That explains a lot.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.