Financial Services Council reimburses JobKeeper

On August 2, the FSC “refunded all JobKeeper amounts previously received to the Australian government.” Which looks good when you consider it in light of its profit of $ 1.4 million in 2021 (double the profit of $ 769,000 from the previous year, which in itself was a big improvement over the previous year. loss of $ 412,000 in 2019).

While we are regularly skeptical of the financial services cartel, which for years covered some of Australia’s worst business practices, such as pay disputes and poor pension performance, it seems to be the only one among the lobbyists who sucked JobKeeper.

There is little evidence that the Association of Superannuation Funds of Australia repaid the $ 987,450 in wage subsidies it received (in addition to the $ 351,000 it received in FY20) .

ASFA’s revenue of $ 11.5 million is only 12% lower than the $ 13 million in FY20, but even that was an improvement from taking 12.7 million dollars in fiscal year 19.

ASFA’s profit of $ 439,000 in 2021 (down from just $ 132 a year earlier, although this is an improvement over the loss of $ 198,000 in 2019) was also supported by a payroll tax refund of $ 1.55 million.

The Australian Institute of Superannuation Trustees, meanwhile, cashed $ 1.2 million in JobKeeper in calendar year 2020. It lost around $ 3.5 million in revenue due to the cancellation of its flagship conference and many small events.

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