Sunday, September 26, 2021

The Minister of Finance rejects demand from profit-making companies to repay JobKeeper

Australia’s Finance Minister Josh Frydenberg rejected calls for companies that made profits while receiving JobKeeper to repay subsidies designed to cushion business owners and workers from the economic impact of the Chinese virus pandemic.

ABC Report Compared with the same quarter in 2019, approximately 35,000 companies doubled or tripled their turnover and received JobKeeper payments.

“I welcome any company that can repay JobKeeper to do so,” Frydenberg Tell Nine’s Today Show.

He went on to say: “But if you ask me, we should look back and amend the law for those who applied and received support during the economic crisis-I will refuse.”

Frydenberg emphasized that 98% of the companies that have obtained JobKeeper are small businesses, and they face the possibility of a major economic recession similar to the Great Depression.

He said he would oppose any idea put forward by the Labor Party to allow small businesses to repay Jobkeeper-initially approved with the support of the Labor Party.

Epoch Times Photos
Shadow Assistant Treasurer Andrew Leigh spoke to the media in Belmore, Sydney, Australia on April 24, 2019. (AAP Image/Joel Carrett)

Shadow Assistant Treasurer Andrew Leigh has been one of the main figures calling for companies with increased turnover to repay JobKeeper.

“If you want to do fiscal stimulus, you put… the money in the hands of low-income workers,” Li told ABC radio station. “The government did not do this in this plan. It allowed billions of dollars to flow to billionaire shareholders and millionaire CEOs.”

Two days ago, retail giant Harvey Norman reluctantly repaid part of JobKeeper benefits after months of public pressure.

Leigh said that the only reason Harvey Norman was pressured by the public to request the refund was that it was a public company and therefore needed to disclose the details.

“But 97% of JobKeepers go to companies that are not listed on the stock market, and we don’t know this information,” Leigh said. “We are currently fighting the government in the Senate, and we want to increase transparency.”

The Labor Senator and Independent Senator Rex Patrick passed a Senate motion in early August that ordered the publication of the list of all companies that have obtained JobKeeper in order to increase transparency.

Tax commissioner Chris Jordan and the treasurer fought back, warning that it might create a dangerous precedent for leaking private information without the company’s consent.

The Australian Industry Group and the Australian Chamber of Commerce and Industry urge the Senate not to promote the publication of the list.



This News Originally From – The Epoch Times

The Minister of Finance rejects demand from profit-making companies to repay JobKeeper
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