However, Ownership Matters was particularly interested in the financial health of companies receiving JobKeeper payments.
It said that $284 million was worth roughly 20 per cent of all JobKeeper payments received by ASX 300 entities in the final six months of 2020. Ownership Matters says the $2.5 billion worth of JobKeeper subsidies received by entities on the ASX 300 in 2020 only accounts for 3 per cent of the entire JobKeeper program and the rest of the program lacks basic transparency.
"Little formal disclosure was made to help investors ascertain the contribution made to earnings by JobKeeper," the report says.
It should have been Indue the Cashless Welfare for Business .
Meanwhile, 1 in 6 Australian children live in poverty. Never mind, the CEO's and higher management can campaign for tougher prison sentences when these kids grow up.
Thousands of Australians increased their bank balances during last year too - sure everything could have been targeted but at least a few companies had the honesty to return payments. We all know people who were paid more than their usual wages but forgot to return the excess.
Businesses are thirsty for profit indefinitely, you can give them the whole world’s wealth that too will not be enough. Had this corrupt government given it to the local population they would have stimulated the economy enormously by spending!
Oil and gas companies were the first to make employees signup for job keeper - then posted annual profits with significant cash flow. Paid their CEOs massive bonuses. They would not have given back a cent!
Gee, fancy that.
😎😎😎
But big business is the lifeblood of the LNP... Robo-debt for the small guy...
“Best Economic managers”
Jeez I hope my super is invested in these companies to recoup the taxes I’ll have to pay to recoup all this debt. So much support given to businesses and while small business has struggled the top end of town has profited
Neo-liberalism. Continuing the trend of the greatest transfer of wealth from the poor to the rich in history. Aren’t we the dumb ones for allowing this to continue...
There's a suprise...wtf, is that really news to anyone...
The AusLiberalParty looking after Business - what's new ?
Any business that received Jobkeeper & makes a profit should be force to return all Jobkeeper payments PLUS the amount of profit as a fine made payable to the ato_gov_au Would you agree JoshFrydenberg & ScottMorrisonMP as it will help the NDIS to continue as designed!!!
How? it shouldn’t have been possible. Easily resolved though. Hand back the money. It wasn’t a gift. If they keep it, they’ve committed fraud and should be prosecuted accordingly. auspol
ABC, are you able to publish a comprehensive list of all companies that claimed jobkeeper that weren’t eligible for it but the government effectively overruled that requirement?
Frydenberg allowed businesses to rip off job keeper But gave Robodebt to the vulnerable The double standards are astounding