Morrison praises firms returning JobKeeper cash
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Scott Morrison has praised retailers handing back coronavirus wage subsidies, warning firms not to take advantage of taxpayers cash while banking strong sales from Australians stuck at home.
Super Retail Group this week announced plans to voluntarily return $1.7 million of JobKeeper payments to the federal government, as the company revealed a record $170 million net profit after tax. Toyota approached the Tax Office last month about handing back more than $18 million in payments after strong sales.
Scott Morrison says the Australian economy cannot run on government money forever.
AAP
Electronics, home entertainment, furniture and leisure sales are strong as Australian consumers are stuck at home and unable to travel overseas due to the pandemic.
2 ASX 200 shares to buy for growth
Tristan Harrison | February 3, 2021 5:38pm |
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Wesfarmers is largely a retail conglomerate that runs various major retailers such as Bunnings, Officeworks, Catch, Kmart and Target.
During this difficult COVID-19 pandemic period, the department store businesses have been struggling with lower foot traffic going into the stores. However, online sales across the business has been booming to help the overall picture.
Shame on companies that use JobKeeper subsidy to pay executive bonuses
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Since the coronavirus pandemic hit last March, the federal government’s $90 billion JobKeeper wage subsidy scheme has helped about 500,000 businesses and more than 3.6 million workers keep their heads above water.
The subsidy scheme was an effective way to support the economy but evidence is growing that not all the companies that received the money really needed it.
In recent weeks, at least three major companies have taken the extraordinary and commendable step of returning the cash handouts.