Business
Taxpayers to foot $1.3 billion bill from ‘tidal wave’ of failed businesses – Sydney Morning Herald
Departmental forecasts predict a wave of companies will fail without enough money to cover wages, which has been held off by JobKeeper and bankruptcy changes.
In total the figures predict the scheme will cost $1.3 billion in the next three years and 119,317 people will make a claim for outstanding wages, holiday pay and long service leave by 2023-24.
Departmental officials cautioned that the figures, which were calculated in April before the government unveiled its full set of stimulus and anti-bankruptcy measures, had so far proven to be too pessimistic, with 9728 claims forecast for this point in the year but only 1406 made.
Along with JobKeeper, the…
-
General12 hours agoMildura man given 28 years to pay $73,000 in unpaid fines and tolls
-
General15 hours agoAustralia’s race to rewire the country amid a global transmission boom is not unique
-
General20 hours agoPrincess Diana enters Paris waxwork museum in ‘revenge dress’
-
General14 hours agoGold Coast and Noosa councils scammed out of ratepayers’ money