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Highlights
- The most recent JobKeeper Report released by the AISC has revealed information about hefty payments to big businesses.
- Qantas, Crown Resorts and Flight Centre received the highest payments under the JobKeeper wage subsidy program.
- The data also highlighted a waste under the program, with payments made to companies with growing sales.
- The new government order has asked all the listed entities to disclose JobKeeper data on ASIC’s website every month.
The facts and figures running down the lines of the recent JobKeeper Report have blown the gaff behind hefty payments to big businesses. The recently released report by the Australian Securities and Investments Commission (ASIC) has revealed that billions of dollars were paid under the program to businesses that didn’t meet the eligibility of a 30% decline in their turnover.
The report includes all the information about JobKeeper payments made to the companies, number of staff covered, and excess amounts returned voluntarily.
The JobKeeper program was launched in the year 2020 as a wage subsidy program to lend financial support to pandemic-affected businesses. It was started as a part of the Australian Government’s macroeconomic response to the global economic crisis.
ALSO READ: Unemployment Numbers Could Increase by ~150K after the end of JobKeeper
Which recipients made it to the top three?
The three companies which received the highest payments under the JobKeeper wage subsidy are Qantas Airways Limited (ASX:QAN), Crown Resorts Limited (ASX:CWN) and Flight Centre Travel Group Limited (ASX:FLT). They have claimed over AU$1.3 billion in government payments, as per the ASIC’s JobKeeper data.
Of the three, Qantas was the biggest JobKeeper recipient, claiming nearly AU$160.5 million in the financial year 2020 and another AU$695.5 million in the financial year 2021.
Image source: © Vivilweb | Megapixl.com
Also Read: Crown Resorts probe: James Packer admits to ‘oversights’ in casino governance
Crown Resorts has been positioned in the list as the second biggest JobKeeper recipient, claiming AU$92.9 million and AU$198.3 million in FY20 and FY21.
The third on the list is Flight Centre, which claimed AU$96.4 million in the fiscal year 2020 and AU$152 million in FY21.
JobKeeper disclosures highlight waste in the program
The data reveals that JobKeeper payments worth over AU$27 billion were made to firms that recorded rapid sales growth and rebound in turnover in the first six months of the program last year. This is equivalent to 38% of the initial amount of AU$70 billion that was released to the listed companies under the program.
A corrective measure in action
In the most recent development, the government has ordered that listed entities must disclose the JobKeeper payment-related data on ASIC’s official portal. They are required to share a notice with the market operator stating the count of workers for whom JobKeeper payments were received along with the total amount received.
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Why are corporations paying back JobKeeper payments?
