The Australian Banking Association has confirmed that bank branches and other financial institutions will close to observe the National Day of Mourning for Queen Elizabeth II.
The association said that Thursday will be a ‘bank close day’ with branches across the country due to shut their doors. Banks will, however, remain contactable but in a reduced capacity.
“The Australian Banking Association acknowledges the remarkable contribution of Her Majesty, Queen Elizabeth the Second, a life dedicated to service and duty,” it said.
Customers have been encouraged to contact their bank for further information.
Among them was the ASX, which has since declared that equities and futures markets will be closed in observance of the holiday.
“ASX has reached this decision with the support of key stakeholders. This is consistent with the position of most other major institutions. It is standard practice for ASX to observe national holidays by declaring a non-trading and non-settlement day,” it said.
“While the relatively short notice presents operational, technical and business challenges for ASX and the market, ASX appreciates the support of its stakeholders to help honour the significance of the occasion.”
Cboe Australia has also confirmed it will be closed on Thursday.
AMP chief economist, Dr Shane Oliver, previously told InvestorDaily that the public holiday may be a “slight dampener” on the September quarter GDP figures.
“For businesses, it's a mixed blessing as for some it will add to costs — with any public holiday leave loading — which adds to inflationary pressure, but they may benefit the extra spending,” he noted.
“Sectors that will benefit include retail, accommodation and hospitality. Travel may particularly benefit if people take the Friday off as an annual leave to get a four-day holiday.”
Meanwhile, Australian Retailers Association CEO, Paul Zahra, said that the holiday “will create some complications for businesses with store closures and staff scheduling challenges”.
“There will also be a small but unexpected loss of trade, and additional staffing costs, which may impact cash flows for small businesses,” he added.
Jon Bragg
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.
