Here's how much the Queen's Memorial Day has cost business

A national day of remembrance of the Queen has cost businesses hundreds of millions of dollars, but it could cost more if it was held on a Friday.

New Zealand observes a one-time public holiday, Queen Elizabeth II Memorial Day, on Monday.

The day was treated as a regular holiday under the Public Holidays Act, and there were no restrictions on shop hours or transactions.

Most cafes, restaurants and retail stores remain open, but some public facilities and attractions and many other businesses have closed.

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Friday’s holiday could cost around $450 million, according to a Treasury Department report on the outlook for the Matariki holiday.

However, if the holiday falls on a Friday instead of a Monday, it will cost more to do business.

Fridays are one of the busiest days for hospitality and retail, so closing stores at the end of the week means a significant loss of revenue each day.

On the other hand, many businesses, especially in the hospitality industry, are closed on Mondays everywhere, so public holidays have less of an impact.

Critics of the impromptu holiday cited business implications as reasons for finding alternative ways to mourn for the Queen.

ACT leader David Seymour said the party could not support another holiday while the country was in a cost of living crisis.

“New Zealanders feel the loss of their Queen. She was a true leader who selflessly served the Commonwealth every day of her life,” he said.

“But is it fair for the government to inject an additional $450 million into business in the midst of a cost-of-living crisis? We’ve already been through a lot with endless costs piled up.”

Alan McDonald, head of advocacy and strategy for the Employers and Manufacturers Association (EMA), said calling the holidays a problem was disrespectful.

However, he said, as a time when many companies were “not in terribly good shape,” it paid a price.

“It’s hard to say you shouldn’t do it, but you have to be aware that there are additional costs and other factors, especially for small businesses.”

Companies already struggling to retain employees may find it difficult to get holiday cover, especially if they have to pay fines, and some companies are offering one-off leave. You may face additional administration costs as you struggle to figure out how to include it in your operations. Paycycle, he said.

But Workplace Relations Minister Michael Wood said the holidays would give the country time to breathe.

“The end of Her Majesty Queen Elizabeth II’s remarkable and historic reign is a moment like this,” he said. “We are confident that millions of New Zealanders will cherish the opportunity to remember and celebrate.”