Advertisement
Last month, K&S Corporation posted a five-fold increase in net profit on the back of $12.4 million in JobKeeper subsidies:
And earlier this week, The AFR reported that retailers receiving millions of dollars in JobKeeper subsidies are earning higher profits and paying significantly increased dividends to shareholders:
Manchester and homewares retailer Adairs reported a 19 per cent increase in net profit to $35.3 million after a boom in online sales in Australia and New Zealand during the COVID-19 lockdowns.
The full text of this article is available to MacroBusiness subscribers
Cancel at any time through our billing provider, Stripe
About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.