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We shouldn’t be ‘subsidising millionaire CEOs’

Oliver Peterson
Article image for We shouldn’t be ‘subsidising millionaire CEOs’

JobKeeper has proven to be the golden goose for some of Australia’s top companies. More than 30 of the ASX’s top 300 companies recorded higher profits in the last six months of 2020 after receiving the government subsidy.

Speaking with Oliver Peterson, Federal Labor MP Andrew Leigh said millions of dollars in JobKeeper went to companies who “didn’t need a tax payer handout.”

While some companies such as McDonalds, Toyota and Nine Entertainment have pledged to pay back JobKeeper, Mr Leigh said others like Harvey Norman and Solomon Lew “have refused to hand the money back.”

“A whole lot of these firms, which have enjoyed significant profits, are hanging onto the cash,” he said.

“They don’t need corporate welfare.”

While only ASX listed companies were analysed, Mr Leigh predicts $10-$20 billion was paid out to companies whose profits rose.

“That’s hundreds of dollars [per Australian],” said Mr Leigh.

Mr Leigh has made a strong call for these companies to hand the money back.

“Here’s their chance to give back to the community.

“Hand back to the tax payer money you didn’t need.”

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Oliver Peterson
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