The ABC’s of money, Singapoor and the banks.

ABC Learning has been in the news lately – with the federal government having to input over $22 million into the company to keep the daycare centres open, after the company went into receivership. 

From the reports, it seems that a lot of the money that went into keeping the company afloat and indeed what underpinned the expansion was federal money in the first place. This ABC News report says that the company was receiving “$1 million a day in child care rebates”. So – Eddy Groves was reliant on our taxpayers money to grow his company.

Continue reading