The New Daily Reveals the Companies that Kept JobKeeper – Despite Huge Profits

 101 total views

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

The New Daily Reveals the Companies that Kept JobKeeper – Despite Huge Profits.

By Matthew Elmas

The Morrison government paid more than $1 billion to some of Australia’s largest and most profitable companies last year, an analysis of corporate reports has revealed.

More than 60 publicly listed businesses have disclosed receiving JobKeeper and other government handouts, recording combined profits worth more than $8.6 billion over the past 18 months.

Those companies funnelled over $3.6 billion in dividends to investors since JobKeeper payments began flowing in April. As a whole, they have agreed to pay back just $72 million.

The companies also paid out $20 million in executive bonuses – after receiving millions from the public purse.

The graphic below reveals for the first time the extent to which listed companies have held onto JobKeeper payments despite booking massive profits, and is based on an analysis of financial accounts conducted by The New Daily in February.

TND identified about $1.5 billion in payments to ASX-listed companies from governments around the world last year, the vast majority of which related to the Australian wage subsidy, JobKeeper.

 

Which companies repaid JobKeeper?

Companies that repaid subsidies in full have not been recorded in the JobKeeper Files. This group includes Domino’s, Iluka Resources, CIMIC Group, Super Retail Group and Santos.

Other companies have opted to repay part of their subsidies – either an amount determined by the board as appropriate, or the value of payments to staff who were paid JobKeeper without being stood down.

Companies like Collins Foods and Adairs opted to hang onto JobKeeper payments for stood-down staff, explaining that these payments had no effect on their earnings.

TND found more than $250 million in payments to workers retained on zero hours across these companies, although in most cases businesses did not disclose whether they forced workers to draw down on leave entitlements.

Others such as Nick Scali have returned money received over the December half, but kept subsidies from last financial year.

Some companies, including Integral Diagnostics and Bingo Industries, said they’re still deciding whether to repay taxpayers.

One executive, Steadfast CEO Robert Kelly, told The New Daily he’s an “entrepreneur, not a philanthropist”.

Mr Kelly received a $990,000 bonus last financial year after his company recorded $1.5 million in JobKeeper payments through its brokerages.

Methodology

All data sourced for this story has been taken from public company accounts, including statutory half-year and annual reports.

All publicity listed companies are required to submit these disclosures to the Australian Stock Exchange.

TND included companies that booked profits, handed out dividends, and/or paid bonuses after taking government payments.

Only dividends paid after JobKeeper started flowing have been recorded in these calculations, irrespective of the period they relate to.

And some calculations include share-based payments where appropriate.

Profits have excluded non-cash impairments and goodwill write-downs, and operating profits have been used in several cases where companies stipulated these results better reflected their operating performance.

In the case of some landlords, notably Vicinity Centres and GPT Group, funds from operations reflect operating performance, minus the impact of large non-cash impairments on property values, which drove statutory losses.

JobKeeper payments themselves were not reported consistently on a pre- or post-tax basis so were unable to be reported consistently with tax impacts included.

 102 total views

*Note We Deliberately Miss Spell Some Words or Add Capital Letters To Get Around Big Tech Censoring.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

Join www.truthbook.social our new social media platform backed by Independent Media. where you can speak the truth, and not be banned. Plus you'll receive $50 USD in www.truthcoin.social,the crypto currency backing the project, when you join, plus a lot more for sharing posts. www.truthbook.social

Truthbook.social offering hundreds of thousands in giveaways for those joining its new social media platform as many desert Facebook in droves because of censoring

Here is some of the current incentives being offered to new users

Subscribe for free to our ANR news emails and access 2 free ebooks plus Reports to share with family and friends about Covid fraud and the danger of the vaccines.

For ANR Smaller Donors please donate below to help fund our critical not for profit work. Together we can defeat mainstream media.

We are a not for profit Independent Media Company which survives off donations, even as little as $5 per month . Please donate now to help fund our work

Truthcoin Offer

$1000 USD turns into Now $7500 Truthcoin
$2,500 USD turns into Now $25,000 Truthcoin
$5000 USD turns into Now $65,000 Truthcoin
$10,000 USD turns into Now $150,000 Truthcoin
$15,000 USD turns into Now $250,000 Truthcoin
$50,000 USD turns into Now $1.15 Million Truthcoin
$100,000 USD turns into Now $2.5 Million Truthcoin

Leave a Reply

Your email address will not be published. Required fields are marked *

McIntyre Report
Political Talk Show

We are a not for profit Independent Media Company which survives off donations, even as little as $5 per month . Please donate now to help fund our work

Kylie Bartlett show

Craig Schulze Show

WHY WE NEED TO START SAYING NO TO GAIN OUR SELF RESPECT

Play Video

Raw Report

Ryan Jackson Saw show

Hero Nurse Exposes Government Policies Leading to Elder Abuse

ANR Conversations With Wayne Crouch and Lisa Johnston With Special Guest Simeon Boikov A.K.A the Aussie Cossack

Top 10 Crypto

in USD

in AUD

in GBP

in CAD

Jamie McIntyre

Truthbook.Social

Currency Exchange Rates in AUD

Live and updated every minute of the day

Current Price of Bitcoin 2.0
0.19 on Coinsbit

Nurses Speak Out

ANR Meme Report

with Nadine Roberts

Episode 002

21st Century Political System

Play Video

Editor's Pick

Enter email to receive ANR News articles, 2 free e-books, plus the Global Health Organisation Report

Download the Full PDF - THE COVID-19 FRAUD & WAR ON HUMANITY