Were JobKeeper payments supposed to flow to shareholders?

It can be hard following a news story.

If a story unfolds slowly over months, in increments, it’s like watching a sand dune shifting around.

But when a big development happens, it can remind everyone where a story’s up to.

Take JobKeeper.

Specifically, how executive bonuses, corporate profits and dividends have been faring under the JobKeeper scheme.

Concerns raised last year

Almost six months ago now, in early September, analysts from JP Morgan sent a note to their clients reminding them that the “free lunch” phase of JobKeeper was ending.

They meant the free lunch for businesses.

They said employers, at the end of September, would have to reapply for the wage subsidy scheme, and to be eligible, they’d have to show their turnover had fallen…