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Another day, another JobKeeper rort. This time, the ABC has shifted focus to two foreign-owned firms – Specsavers and Luxottica South Pacific – that posted massive profits on the back of the Australian taxpayer.
Specsavers’ Australian revenue fell by just 1% in 2021, while its profit rose by $78 million to $150 million. This was after it received about $92 million worth of JobKeeper payments of which $4 million is believed to have been repaid.
Luxottica posted a revenue decline of 5%, while its profit rose from $50 million to $67 million. Its financial report showed employee expenses, helped by JobKeeper, fell by $56 million:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.