Australia’s ‘free market’ privatises profit, socialises losses

Aussie taxpayers are set to be slugged billions of dollars to pay for workers’ entitlements once government support is unwound and businesses fail:

The federal government has extended insolvency protections until the end of the year and committed to paying wage subsidy scheme JobKeeper until March 2021 to help businesses stay afloat during the worst recession since the Great Depression…

Workers owed money by businesses that have fallen into liquidation or bankruptcy are typically able to claim through the government’s safety net, known as the Fair Entitlements Guarantee (FEG), which paid out about $970 million between July 2015 and June 2020…

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