JobKeeper payments flowed to a string of upmarket luxury brands, with some able to increase their profits in the depths of a recession. | domp swrighteconomy
Gucci, Bulgari and the company behind Cartier and Montblanc claimed more than $10 million combined in JobKeeper while also making multimillion-dollar profits, putting increased pressure on the federal government to produce a list of the scheme’s top claimants.
Upmarket outfitter Gucci’s accounts for the 2020 calendar year reveal it claimed $4.75 million through the wage subsidy. This came after its profits grew 4.75 per cent to $14.6 million for the year, though sales fell by 36 per cent to $268 million. “At a time when people are being asked to tighten their belts, when real wages are forecast to fall for the typical Australian, it’s only right to be putting a bit of a spotlight on who got JobKeeper and then saw their revenues rise,” he said.
Jewellery and fragrances seller Bulgari claimed $1.85 million in JobKeeper after growing profits to $2.6 million. It also received $152,000 worth of payroll tax relief.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gucci, Cartier, Bulgari: JobKeeper helps luxury brands keep image untarnishedGucci, Bulgari and the company behind Cartier and Montblanc claimed more than $10 million combined in JobKeeper while also making multimillion-dollar profits | domp swrighteconomy
Read more »
Gucci, Cartier, Bulgari: JobKeeper helps luxury brands keep image untarnishedGucci, Bulgari and the company behind Cartier and Montblanc claimed more than $10 million combined in JobKeeper while also making multimillion-dollar profits | domp swrighteconomy
Read more »
Companies that profited from JobKeeper should do some 'soul-searching', minister saysA senior cabinet minister tells companies who profited from JobKeeper to do some 'soul-searching' on repaying what they were given, as the government continues to refuse forced repayments.
Read more »
Australian Christian Lobby received JobKeeper despite revenue surgeThe conservative lobby group is one of a number of industry groups, think tanks and not-for-profits that received the JobKeeper payments even though their revenue surged or held up.
Read more »
Australian Christian Lobby received JobKeeper despite revenue surgeThe conservative lobby group is one of a number of industry groups, think tanks and not-for-profits that received the JobKeeper payments even though their revenue surged or held up.
Read more »
‘I’m done with ’em’: Crossbench senator shuns Coalition over JobKeeper paymentsRex Patrick has pulled out of negotiations on an overhaul of environmental laws over the government’s refusal to publish data outlining which companies profiteered from JobKeeper payments | Gallo_Ways
Read more »