Boycott these companies that didn’t pay back JobKeeper

Fabian Robertson identifies the biggest beneficiaries of the Government’s wasteful billion-dollar corporate welfare scheme.

A motion to compel profiteering companies to repay JobKeeper payments was narrowly defeated in the House of Representatives on Wednesday. The motion, brought forth by Greens Senator Nick McKim, passed in the Senate and was supported in the Lower House by Labor and the crossbenchers but voted against by the entirety of the coalition Government in a 72-72 split. As a result of the tied vote, Speaker Tony Smith exercised his casting vote to uphold the status quo in accordance with House practice.

The motion called on the Government to require companies with an annual turnover of more than $50 million to repay JobKeeper if they paid out shareholders, made profit, or issued bonuses to executives in the last 12 months. The motion, however, was careful not to financially punish companies - repayment would not be required to exceed the sum of profits and executive bonuses.

Despite the motion’s defeat, there is mounting pressure on wealthy corporations to pay back JobKeeper. Iluka Resources, CIMIC Group, and Santos are three companies to have already made repayments.

Some of Australia’s wealthiest companies received over $1 billion in JobKeeper last year. According to a 25 March 2021 report by The New Daily, over 60 publicly listed companies had repaid only $72 million in JobKeeper, despite recording over $8.6 billion in profits in the 18 months prior while issuing $3.6 billion to shareholders from April 2020. 

The following companies have been paid over $10 million in JobKeeper payments, repaid none of it, and made a profit or paid substantial dividends between July 2019 and December 2020.

Crown Resorts

JobKeeper received: $255 million

July 2019 - December 2020 profit: $40.5 million loss

Dividends + Executive bonuses: $203.1 million

Businesses: Crown Sydney, Crown Melbourne, Crown Perth.

Star Entertainment Group

JobKeeper received: $152.7 million

July 2019 - December 2020 profit: *$172 million

Businesses: The Star Sydney, The Star Gold Coast, Treasury Brisbane, Gold Coast Convention & Exhibition Centre

Eagers Automotive

JobKeeper received: $130.5 million

2020 Financial Year profit: $156.2 million

Dividends + Executive bonuses: $64.2 million

Full dealerships list here

Myer

JobKeeper received: $117 million

July 2019 - December 2020 profit: $29.5 million

Premier Investments

JobKeeper received: $68.7 million

July 2019 - December 2020 profit: $325.9 million

Dividends + Executive bonuses: $113.7 million

Brands: Just Jeans, Smiggle, Peter Alexander, Jay Jays, Portmans, Jacqui E, Dotti, Breville, Kambrook, Sage by Heston Blumenthal

Seven West Media

JobKeeper received: $54.7 million

July 2019 - December 2020 profit: *$127.3 million

Brands: Seven Network (Channel 7, 7two, 7mate, 7flix, 7plus), The West Australian, The Sunday Times, Seven Studos.

Southern Cross Media Group

JobKeeper received: $48 million

July 2019 - December 2020 profit: $57.5 million

Dividends + Executive bonuses: $203.1 million

Brands: Southern Cross Seven (Channel 7 Regional), Southern Cross Nine (Channel 9 Regional), Triple M Network, Hit Network

Kathmandu

JobKeeper received: $38.6 million

July 2019 - December 2020 profit: $29.4 million

Accent Group

JobKeeper received: $38.2 million

July 2019 - December 2020 profit: $108.4 million

Dividends + Executive bonuses: $66.49 million

Brands: 4Workers, CAT, Dr. Martens, Exie, Hype DC, Merrell, Pivot, Palladum, Platypus Sneakers, Subtype, Saucony, Skechers, Sneaker Lab, Sperry, Stance, Stylerunner, Supra, The Athlete’s Foot, Trybe, Timberland, Vans, Glue.

Ford Australia

JobKeeper received: $38 million

2020 Financial year: $59 million

Michael Hill

JobKeeper received: $32.3 million (including subsidies from New Zealand and Canada)

July 2019 - December 2020 profit: $41.95 million

Dividends + Executive bonuses: $11.6 million

Vita Group Limited

JobKeeper received: $24.93 million

July 2019 - December 2020 profit: $40.7 million

Dividends + Executive bonuses: $13.1 million

Businesses: Artisan Aesthetic Clinics, Telstra, Telstra Business Technology Centres, Sprout, Vita Enterprise Solutions, Fone Zone, SQDAthletica.

Mirvac Group

JobKeeper received: $22 million

July 2019 - December 2020 profit: $947 million

Dividends + Executive bonuses: $309 million

Major properties: 8 Chifley Office tower and Broadway Shopping Centre

Lovisa

JobKeeper received: $21.6 million

July 2019 - December 2020 profit: $30.7 million

Dividends + Executive bonuses: $21.4 million

Harvey Norman

JobKeeper received: $20.5 million

July 2019 - December 2020 profit: $900.33 million

Dividends + Executive bonuses: $550.34 million

Names: Domayne, Joyce Mayne

McMillan Shakespeare Group

JobKeeper received: $20.4 million

July 2019 - December 2020 profit: $26.7 million

Dividends + Executive bonuses: $23.3 million

Businesses: Maxxia, RemServ, Interleasing, JustHonk, Plan Partners, Presidian, NFC Aggregation, UFS Aggregation, National Warranty Company, National Roadservice Australia, Motorsure Insurance Solutions, Anglo Scottish, CLM, Eurodrive Motor Finance

ARB 4x4

JobKeeper received: $18.4 million

July 2019 - December 2020 profit: $11.2 million

Dividends + Executive bonuses: $35 million

Sea Link Group

JobKeeper received: $17.2 million

July 2019 - December 2020 profit: $18.5 million

Dividends + Executive bonuses: $25 million

Subsidiaries: Bay Islands Transit, Captain Cook Cruises, Gladstone Ferries, Kangaroo Island SeaLink, Matilda Cruises, RiverCity Ferries, Stradbroke Ferries, Transit Systems, Tower Transit

SkyCity Entertainment Group

JobKeeper received: $15.6 million

July 2019 - December 2020 profit: $293.46 million

Businesses: SkyCity Adelaide Casino

Virtus Health

JobKeeper received: $15.4 million

July 2020 - December 2020 profit: $29.9 million

Dividends + Executive bonuses: $19.2 million

Businesses: IVFAustralia, Queensland Fertility Group, Melbourne IVF, TasIVF, The Fertility Centre.

Tabcorp Holdings Limited

JobKeeper received: $12 million

2020 Financial Year: $220 million

Brands: TAB, MAX, Lotto, Powerball, Keno

Integral Diagnostics

JobKeeper received: $12 million

July 2019 - December 2020 profit: $42.83 million

Dividends + Executive bonuses: $18.536

Brands: South Coast Radiology, Lake Imaging, Imaging Queensland, Apex Radiology

Domain Group

JobKeeper received: $11.9 million

July 2019 - December 2020 profit: *$41.19 million

60% owned by Fairfax / Nine Media

Businesses: Domain, Allhomes, Commercial Real Estate, APM Pricefinder, Metro Media Publishing Group

Monash IVF

JobKeeper received: $10.6 million

July 2019 - December 2020 profit: $26.2 million

Dividends + Executive bonuses: $8.1 million

Empired Limited

JobKeeper received: $10.3 million

July 2019 - December 2020 profit: $13.8 million

Dividends + Executive bonuses: $812,000

Here, There & Everywhere

JobKeeper received: $10.3 million

2020 Financial year: $15.4 million

Brands: KIIS Network, Pure Gold Network, The EDGE, Canberra FM Radio, hit104.7, Mix 106.3, Chemist Warehouse Remix, iHeartRadio, Nova 93.7 Perth

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Such exorbitant handouts to profiteering companies are difficult to rationalise in the context of the Morrison government’s repeated disparagement and curtailing of welfare for Australian citizens.  

Morrison himself zealously pursued welfare recipients via the defective Robodebt Scheme: resulting in 470,000 incorrectly-issue debts and costing the public $1.8 billion in an out-of-court settlement with the scheme’s victims. Yet Morrison in February outlined a somewhat different approach to regaining the corporate welfare handouts provided by JobKeeper.

“If there are some companies that feel that they want to hand that [money] back, great,” he said. 

“Good for them.”

* indicates profit excluding impairments