ABC learning boss hits the young rich list
This week Business Review Weekly released their “Young Rich” list, a who’s who of the under 40 mega rich young guns. Top of that list was not a movie star, or a merchant banker. He was an entrepreneur whose investment and development of the childcare “ABC learning centres” has helped him to amass a fortune of 260 million dollars. However, the astounding rise to richness of its founder, Eddy Groves’ has led some to question the ethics behind profiteering off child care. The government subsidises centres, with the payments going to parents, who then pass it on to their child care centre of choice. As ABC learning centres expand throughout the country, many parents are left with little or no choice of where to send their children. Part of Eddy Groves’ fortune, 44 per cent last year, has included these government subsidies. Eva Cox, from the Women’s Electoral Lobby, discussed the affect these kinds of profits has had on the industry of child care.