The Australian Securities and Investments Commission effectively announced that it was mandatory for businesses to disclose the amount of JobKeeper payments they received and that these figures will be publicly listed on ASIC’s website.
Basically, it’s compulsory for every publicly listed company that received JobKeeper payments during the Covid-19 pandemic to publicly disclose their earnings from the scheme from Tuesday as per the Australian.
The Australian further confirms that initially, the $101bn payment scheme was set up to help keep businesses afloat throughout the pandemic, however, the plan created controversy when it was discovered that thousands of companies actually made a profit during the pandemic thanks to this initiative.
According to the new ASIC disclosure requirements, all publicly listed companies that received JobKeeper must declare the total amount of money they received, the number of employees they received it for, as well as if they made voluntary repayments of the payments.
That said, here are the top five companies that received the highest amounts of JobKeeper for the 2020-21 financial year. The entire list can be found via the ASIC website.
Qantas – $695.5 million
Crown Resorts – $198.3 million
Flight Centre – $152 million
Mosaic Brands – $96.5 million
Star Entertainment Group – $94.9 million
The combined earnings of the five largest recipients of the JobKeeper payment come at a total of more than a whopping $1.2bn taxpayer dollars!
More to come regarding this revelation.
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