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Louis Vuitton puts $6 million of JobKeeper in its handbag

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.

Louis Vuitton, well known for its high priced handbags, claimed $6 million in JobKeeper.

Louis Vuitton, well known for its high priced handbags, claimed $6 million in JobKeeper.Credit:AP

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.

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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.

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