The Morrison Government’s $34 billion Cashflow Boost was a gigantic corporate welfare scheme launched at the beginning of the Coronavirus pandemic that has received little scrutiny or media attention.
It provided between $20,000 and $100,000 of free cash to all employing entities below a certain turnover threshold. All businesses had to do was lodge their activity statements up to the month or quarter of September 2020. Unlike JobKeeper, they didn’t even have to report any reduction in their turnover.
According to the below ATO infographic, 806,635 Australian businesses received $34.31 billion in free cash from taxpayers, averaging $42,500 each:
