Were JobKeeper payments supposed to flow to shareholders?
3 years, 9 months ago

Were JobKeeper payments supposed to flow to shareholders?

ABC  

It can be hard following a news story. Concerns raised last year Almost six months ago now, in early September, analysts from JP Morgan sent a note to their clients reminding them that the "free lunch" phase of JobKeeper was ending. JobKeeper pays dividends Some firms receiving JobKeeper have paid out increased dividends to shareholders and bonuses to executives, and one leading expert argues "that's purely due to bad design" of the scheme. It said it would be paying dividends to its shareholders worth $64 million this year — including $17 million to the billionaire Nick Politis, who chairs the Sydney Roosters National Rugby League club and owns 27 per cent of the car group's shares through his company WFM Motors. AP Eagers chief executive Martin Ward said the company wouldn't be repaying any of the $130 million in JobKeeper subsidies because he believed the money was used "for the right intentions".

Payments Companies Company Million Cent Wage Executive Six Months Leigh Profits Dividends Jobkeeper Jobkeeper Payments Executive Bonuses Mr Leigh  dividends  payments  million  shareholders  profits  company  executive  cent  wage  supposed  flow  jobkeeper  companies

History of this topic

JobKeeper went to thousands of companies whose turnover tripled at the height of the COVID-19 pandemic in 2020
3 years, 3 months ago

JobKeeper went to thousands of companies whose turnover tripled at the height of the COVID-19 pandemic in 2020

ABC  

Hundreds of millions of dollars in JobKeeper flowed to companies where turnover doubled or even tripled, the ABC can reveal. Key points: Earlier this year, 7.30 revealed about one in six businesses receiving JobKeeper suffered no fall in turnover during the first three months of the program New data reveals approximately 20,000 companies tripled their turnover, yet accrued nearly $370m …

Don't use coronavirus JobKeeper subsidy to fund executive bonuses or pretend to be loss-making to claim stimulus, ATO warns
4 years, 1 month ago

Don't use coronavirus JobKeeper subsidy to fund executive bonuses or pretend to be loss-making to claim stimulus, ATO warns

ABC  

Companies that get COVID-19 support payments such as the JobKeeper wage subsidy while still paying executive bonuses or increasing dividends risk damage to their reputations, the Australian Taxation Office has warned. Key points: ATO second commissioner Jeremy Hirschhorn says companies need to take account of reputational risk in the way they behave Mr Hirschhorn also warned against businesses exploiting Federal …

JobKeeper recipients paying millions in bonuses to their executives, research reveals
4 years, 3 months ago

JobKeeper recipients paying millions in bonuses to their executives, research reveals

ABC  

At least 25 companies have paid bonuses worth a combined $24.3 million to their executives after claiming JobKeeper subsidies, an analysis of the financial reports of 290 entities on the ASX 300 has found. Key points: Not all the bonuses were paid in cash, some were paid in shares The Business Council of Australia says companies should not be paying …

JobKeeper and JobSeeker to change from September as Government constricts coronavirus support
4 years, 5 months ago

JobKeeper and JobSeeker to change from September as Government constricts coronavirus support

ABC  

More than 5 million Australians will learn the future of what ongoing income support they will get through the coronavirus economic downturn today — and it will be less than what they have been receiving over the past four months. Key points: Prime Minister Scott Morrison will unveil changes to the JobKeeper and JobSeeker payments on Tuesday, extending their lives …

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