Invest
JobKeeper sees CEO bonuses rise
The Morrison government’s JobKeeper scheme has been used for corporate welfare and to line the back pockets of CEOs, an opposition minister has shown.
JobKeeper sees CEO bonuses rise
The Morrison government’s JobKeeper scheme has been used for corporate welfare and to line the back pockets of CEOs, an opposition minister has shown.
During a speech made to the House of Representatives, deputy chair of the standing committee on economics Dr Andrew Leigh questioned how ASX-listed companies were using the government’s stimulus money.
Instead of supporting the business through hardship, many CEOs claimed a bonus, Dr Leigh said.
“Accent Group received $13 million in JobKeeper and gave CEO Daniel Agostinelli a $1.2 million bonus.
“IDP Education received $4 million in JobKeeper and gave CEO Andrew Barkla a $600,000 bonus. Last year, he was Australia’s highest-paid CEO, taking home $37 million.
“Star Casino received $64 million in JobKeeper and gave CEO Matt Bekier an equity bonus worth $800,000.
“SeaLink received $8 million in JobKeeper and gave CEO Clinton Feuerherdt a $500,000 bonus,” the elected official explained.
‘Dividend Keeper’
Dr Leigh also pointed out how much of the government’s money was simply being handed out to shareholders in the form of dividends.
“Furniture firm Nick Scali received $4 million from Australian and New Zealand taxpayers. Its increased dividend will deliver $2 million to the Scali family.”
“1300SMILES got $2 million in JobKeeper and paid out $3 million to shareholders. Managing director Daryl Holmes owns two-thirds of the company and so will get about $2 million, roughly what his company received in JobKeeper support,” Dr Leigh said.
While the opposition minister highlighted that it was never the government’s intention to subside executive salaries, he showed how it was used.
“If you’re getting taxpayer subsidies, the CEO should not be getting a bonus,” Dr Leigh concluded.
About the author
More from Nestegg Channel
About the author
Shares
Back in the black: Qantas predicts breaking even in 2021
The national airline expects to break even in 2021, minus the costs of redundancy payments, according to an official statement. ...Read more
Shares
How a return to pre-COVID norms is a ‘wake-up call’ for investors
News of a COVID-19 vaccine is a wake-up call for markets, with consumers tipped to return to their previous habits, an industry expert has stated. ...Read more
Shares
‘Value on offer’ as Treasury faces Chinese tariffs
The tariffs imposed by the Chinese government on the Australian wine industry could create a buying opportunity for investors, albeit it will be a bumpy transition, an industry expert has advised. ...Read more
Shares
Google won’t touch data for a decade if ACCC approves deal
The ACCC is seeking feedback on whether Google will use health data obtained by Fitbit to target ads to consumers, after the tech giant announced a purchase of the wearable devices company. ...Read more
Shares
How active, opportunistic investors can get ahead
During a volatile market, investors are being advised to focus more on stock picking and less on market movement, an analyst has stated. ...Read more
Shares
How events in 2020 are likely to spur on infrastructure growth
The COVID-19 pandemic and the US election are two key events that are likely to spur on infrastructure spending, which could be a catalyst for the asset class, an expert has revealed. ...Read more
Shares
Aussie dividends fall 40%
Dividend investors have seen their lowest third-quarter payout in at least 11 years, as the major banks are forced to cut dividend spending, new research has shown. ...Read more
Shares
Largest childcare centre operator hit with class action
A class action has been filed against Australia’s largest childcare centre operator, G8 Education Ltd. ...Read more
Shares
Back in the black: Qantas predicts breaking even in 2021
The national airline expects to break even in 2021, minus the costs of redundancy payments, according to an official statement. ...Read more
Shares
How a return to pre-COVID norms is a ‘wake-up call’ for investors
News of a COVID-19 vaccine is a wake-up call for markets, with consumers tipped to return to their previous habits, an industry expert has stated. ...Read more
Shares
‘Value on offer’ as Treasury faces Chinese tariffs
The tariffs imposed by the Chinese government on the Australian wine industry could create a buying opportunity for investors, albeit it will be a bumpy transition, an industry expert has advised. ...Read more
Shares
Google won’t touch data for a decade if ACCC approves deal
The ACCC is seeking feedback on whether Google will use health data obtained by Fitbit to target ads to consumers, after the tech giant announced a purchase of the wearable devices company. ...Read more
Shares
How active, opportunistic investors can get ahead
During a volatile market, investors are being advised to focus more on stock picking and less on market movement, an analyst has stated. ...Read more
Shares
How events in 2020 are likely to spur on infrastructure growth
The COVID-19 pandemic and the US election are two key events that are likely to spur on infrastructure spending, which could be a catalyst for the asset class, an expert has revealed. ...Read more
Shares
Aussie dividends fall 40%
Dividend investors have seen their lowest third-quarter payout in at least 11 years, as the major banks are forced to cut dividend spending, new research has shown. ...Read more
Shares
Largest childcare centre operator hit with class action
A class action has been filed against Australia’s largest childcare centre operator, G8 Education Ltd. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
