The Australian share market finished session higher on Tuesday, 04 May 2021, after the Reserve Bank of Australia announced its decision to maintain its current policy settings, including keeping the cash rate at 0.1%.
At closing bell, the benchmark S&P/ASX200 added 39.06 points, or 0.56%, to 7,067.86. The broader All Ordinaries advanced 36.71 points, or 0.5%, to 7,323.54.
Shares of Treasury Wine Estates were up after announcement it inked a deal with America s second-largest drinks distributor Republic National Distributing Company (RNDC) to expand the reach of its wine labels throughout the U. S. market.
Shares in Super Retail Group gained after the outdoors retailing collective reported a 28% rise in total like-for-like sales across the first 44 weeks of the 2021 financial year. Sales also increased 26% from last year.
Premier Investments hands back $15 6 million in JobKeeper ragtrader.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ragtrader.com.au Daily Mail and Mail on Sunday newspapers.
Premier Investments to Repay $15 Million in JobKeeper Subsidy
Retail magnate Solomon Lew’s Premier Investments made the announcement on Monday.
The group said JobKeeper was intended to buffer the economic instability caused by lockdowns in Queensland and Western Australia over the first half of 2021.
However, following the end of the lockdowns, sales numbers increased across the store network helping offset the cost of supporting employees.
“The Premier board, having regard to these outcomes, combined with the success of the Commonwealth and state government’s management of COVID-19, has determined that it is now appropriate to refund the net JobKeeper benefit of $15.6 million to the Australian Tax Office,” the announcement read (pdf).
JobKeeper profiteering by big business is fake news
Premier Investments is right to repay JobKeeper. But the idea the big end of town has outrageously profited from the wage subsidy is not true.
May 3, 2021 – 6.12pm
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Businesses that took JobKeeper at the start of the crisis, and then grew their profits, have done nothing wrong. Yet, as
The Australian Financial Review has suggested, there is a strong moral case for big companies, such as Solomon Lew’s Premier Investments and Gerry Harvey’s Harvey Norman, that ended up having a profitable crisis to return the taxpayer support they did not need.