A new section (14D) in the Retail Trading Act 2008 NSW extends the existing obligation on banks to close on the Bank Holiday (the first Monday in August) to all other APRA-regulated financial institutions.

Credit unions and building societies must now not open ( in New South Wales ) on the bank holiday in early August unless approval has been obtained to do so. If approval is granted penalty rates would be payable to employees working on that day.

The prohibition in Section 14C on opening on other Bank close days (including Saturdays and Sundays) without approval does not apply to APRA-regulated financial institutions which do not have the word “ bank “ in their name.