60 minutes did a terrific investigative report on JobKeeper, which aired on Sunday night and has been released on YouTube (video below).
The segment highlights how more than 150,000 companies that weren’t in trouble – many of them actually thriving – received $13 billion taxpayer dollars.
It also highlights the hypocrisy of the Morrison Government chasing back small sums from individual welfare recipients but not applying the same ‘mutual obligations’ to corporate welfare recipients.
There are 841 words left in this subscriber-only article.
Start your free 14-day trial today!
As summed up by investment analyst Dean Patch:
“The scheme didn’t have the right checks and balances. That’s it in a heart beat…
“You can buy a JobKeeper ute, a JobKeeper yacht and a JobKeeper house and it’s your money to spend…
“Unlike virtually every other western democracy, there was no public register of who received JobKeeper…”
The rest is history, with company profits booming on the back of the taxpayer:
Of course it wasn’t just JobKeeper that drove company profits higher but the Morrison Government’s $36 billion Cashflow Boost – another gigantic corporate welfare scheme launched at the beginning of the Coronavirus pandemic that has received little scrutiny or media attention.
The Cashflow Boost did not require any eligibility to be met, other than being a small or medium-sized enterprise with employees. It paid $36 billion to over 800,000 businesses, many of whom experienced boom years.
Clearly, the idea of ‘mutual obligation’ only applies to households, not the Coalition’s big business mates.