Louis Vuitton puts $ 6 million from JobKeeper in his purse

One of the most premium brands in the world, Louis Vuitton, claimed $ 6 million in JobKeeper while recording an increase in turnover, an increase in profits and an increase in dividends to shareholders.

As the federal government comes under increasing pressure to be transparent about the $ 88 billion wage subsidy program, financial records filed by the French luxury brand with the Australian Securities and Investments Commission show that she used JobKeeper in 2020.

Louis Vuitton, well known for its high-priced handbags, claimed $ 6 million from JobKeeper.Credit:PA

The wage subsidy program, the largest economic support program ever implemented by a federal government, was introduced in March last year as the country entered nationwide lockdown.

Under this program, companies received $ 1,500 per fortnight per employee to cover the cost of their salary. To be eligible, companies had to declare that they would experience a decrease of at least 30% in their turnover.

Several other countries, such as New Zealand and the United States, have included public disclosure of the names of companies using their wage subsidy programs.

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Analysis by the Parliamentary Labor Budget Office showed that at least $ 13 billion went to companies that eventually saw increased revenues. On Friday, total gross government debt hit a new record high of $ 838 billion.

A plan by Independent Senator Rex Patrick and the Labor Party to go public with all businesses with over $ 10 million in revenue that used JobKeeper was thwarted in the Senate by the government and One Nation this week.

Louis Vuitton’s financial statement at ASIC shows he received $ 5,965,000 in JobKeeper for 2020.

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