ASIC reveals several ASX companies pocketed JobKeeper millions

As of Tuesday, the corporate regulator’s JobKeeper report is available on its website, outlining all listed entities that received the government’s wage subsidy.

According to the report, Qantas was the biggest winner, pocketing a sizable chunk of taxpayer funds, $856 million to be exact. The airline has to data made $0 in voluntary repayments.

In a disclosure posted to the ASX last month, Qantas said COVID-19 will have cost the group more than $20 billion in revenue by the end of this calendar year. The company also explained that half the money it received from the government was paid directly to employees who were stood down as income support while the remainder was used as a wage subsidy for those still working.

Casino giant Crown Resorts was the recipient of $291.2 million in financial years 2020 and 2021. Crown, which has dragged its heels on ASX disclosures, posted an EBITDA of $114.1 million in full year ended 30 June 2021, marking a 77.4 per cent drop year-on-year.  

Earlier this year, independent state Senator Fiona Patten called for Crown’s JobKeeper bill to be scrutinised after the government called a royal commission into allegations of widespread criminal activity at the gambling giant.

Other significant beneficiaries included retailer Myer, which pocketed $144 million, Premier Investments with $87 million and Sydney-based The Star Entertainment Group with $157.4 million.

Eagers Automotive reaped $131.1 million in 2020, but, according to the data, pocketed $0 the following year.

TV network Nine received $15 million but has since repaid $8.8 million. The network’s former chief executive, Hugh Marks, pledged in February that Nine would return a portion of the funds after it posted a half year net profit of $182 million.

The Seven Network, however, pocketed $47 million and despite unveiling a $318 million annual net profit in August, the network has refused to repay its JobKeeper payments.

Under the JobKeeper disclosure requirements, ASIC’s report consolidates the listed entity’s name and ABN; the number of individuals for whom the entity or its subsidiaries received JobKeeper payments; the total amount of JobKeeper payments the entity and its subsidiaries received; and, whether the entity made voluntary repayments of JobKeeper payments.

The report will be updated at the beginning of each month and will capture information disclosed to the market through to the end of the previous month.

The report published on Tuesday captures JobKeeper information disclosed up until 30 November 2021.