JobKeeper turns executive BonusKeeper

Earlier this week, we reported how the Morrison Government’s JobKeeper subsidy has been an absolute boon for Australian business owners, juicing company dividends and profits.

This was reflected in last week’s national accounts for the June quarter, which showed that employee wages & salaries fell by 3.3% in the June quarter while company profits soared by 13.7%:

The rorting has gotten so bad that even the Business Council of Australia’s Jennifer Westacott took aim aim at the lavish executive bonuses being paid:

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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.