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We are happy for stimulus to prioritise speed over precision given that is its job. But there are limits.
Last month, K&S Corporation posted a five-fold increase in net profit on the back of $12.4 million in JobKeeper subsidies:
Today, The AFR reports that retailers receiving millions of dollars in JobKeeper subsidies are earning higher profits and paying significantly increased dividends to shareholders:
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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.