New South Wales Bank Holiday
New South Wales Bank Holiday is a day that is observed annually on the first Monday of August. As the name suggests, it’s a day that affects bank employees the most because banks and other financial institutions are closed on this day. However, it’s not a declared public holiday, so most people will not have the day off and businesses other than financial institutions and banks operate according to normal hours.
Regardless, those who do have the day off will naturally celebrate this holiday in their own unique way. They may take the extra-long weekend to take a trip, spend time with family, or engage in some type of hobby they don’t normally get to spend much time on.
The History Of New South Wales Bank Holiday
To understand the history of this holiday, a person has to travel back to the commercial practice in the UK where the counting-house staff was compensated for the extra work involved in settling June 30th balances by being granted a day off. A day off on the first Monday in August.
Eventually, this practice would be enacted in the UK Bank Holiday Act of 1871. This document detailed four bank holidays in England and Ireland. This included the first Monday in August, which is the holiday that’s now observed in New South Wales (NSW), Australia.
It officially was enacted into law in NSW 1875 through the Bank Holidays Act passed that year. It was originally observed on the first day of August, but in 1912, it was updated that it would be observed on the Monday following this first day of August if the 1st wasn’t a Monday.
Observing New South Wales Bank Holiday
This holiday is a day off for employees who work at banks and other financial institutions. Unfortunately, it’s not a day off for the general public, so for most people in NSW, it’s business as usual. Those who do have the day off usually use their 3-day weekend to take a trip, catch up on some sleep or do something that they always wanted to do.