Business
The surprise good news behind the ugly recession numbers – The Australian Financial Review
Business profits and household incomes both rose healthily despite the historic $38b plunge in national economic income.
Gross mixed income, a proxy for unincorporated businesses such as tradies and other sole traders, jumped 21.9 per cent. That’s despite incomes from business sales falling by a record 9.4 per cent.
The $31 billion JobKeeper wage subsidies during the three months were instrumental in lowering business expenses on wages.
Deferred loan repayments offered by banks and rent reductions and moratoriums by landlords were also vital.
Without the extraordinary government subsidies, profits would have pl…
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