One of the most upmarket brands in the world, Louis Vuitton, claimed $6 million in JobKeeper while recording an increase in sales revenue, a boost in its profits and an increase in shareholder dividends.
As the federal government comes under more pressure over the transparency of the $88 billion wage subsidy scheme, financial records lodged by the French-based luxury brand with the Australian Securities and Investments Commission show it used JobKeeper in 2020.
The wage subsidy program, the single largest economic support program ever put in place by a federal government, was introduced in March last year as the country went into nationwide lockdown.
Under the scheme, businesses received $1500 a fortnight per employee to cover the cost of their wages. To qualify, businesses had to say they would suffer at least a 30 per cent fall in turnover.
Several other nations, such as New Zealand and the United States, included the public release of the names of companies using their wage subsidy programs.
Analysis by the Parliamentary Budget Office for Labor has shown at least $13 billion was paid to firms that ultimately recorded an increase in revenue. On Friday, total gross government debt reached a new record of $838 billion.
A plan by independent senator Rex Patrick and the Labor Party to make public all businesses with a turnover of more than $10 million which used JobKeeper was thwarted in the Senate by the government and One Nation this week.
Louis Vuitton’s financial statement to ASIC shows it received $5,965,000 in JobKeeper for 2020.