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Harvey Norman makes record profits as inequality soars

Media Release
Nick McKim 31 Aug 2021

Harvey Norman’s record profits show the need to make big corporations and billionaires pay their fair share of tax, the Greens say.

“Harvey Norman is making super profits while millions of workers are trying to make ends meet in lockdown,” Greens Economic Justice spokesperson Senator Nick McKim said.

“Paying back some of the JobKeeper they took is a drop in the bucket compared to the massive dividends Gerry Harvey has paid himself and other shareholders."

"Harvey Norman only paid back part of JobKeeper, and only after being publicly named and shamed."

“This is why we need to know which companies got JobKeeper and how much they got, and to legislate to force profitable companies to pay it back.”

"The Australian Greens have tabled the Ending Jobkeeper Profiteering Bill which would achieve these things, and is currently before a Senate Committee."

"Gerry Harvey pocketed $137m in dividends last financial year."

"That Gerry Harvey is able to accumulate so much wealth in the middle of a pandemic shows just how broken Australia’s tax system is."

"One in three big corporations pays no tax at all, and billionaires are accumulating obscene levels of wealth."

"We need a billionaires tax to make the mega rich pay their fair share."

"And we need a corporate super profits tax to stop mega corporations from draining life out of the economy to enrich their shareholders."

"Making our tax system fairer would allow us to fund things like real climate action, dental into Medicare, affordable housing for everyone, an increase in Jobseeker to $80 a day and free childcare."

Harvey Norman’s Results:

Company
Net profit (after tax): $841m
Dividends: $436m

G. Harvey
Dividends: $137m

JobKeeper
Parent company (paid back): $6m
Franchisees (not paid back): $14.6m

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