Plutus Payroll pledges to pay IT contractors' wages within 72 hours Embattled payroll company Plutus Payroll will soon start paying ~1,000 contractors again after an almost-two-weeks hiatus. The company has written to those owed money, saying the Australian Taxation Office (ATO) “has agreed to allow the release of the wages owed to our contractors.” “The ATO has written to the Commonwealth …
I used to work at a company that made a lot of money from holding a few million in a higher interest account for a few days, but that was when the base rate was like 5.5% and we were able to get 8-10% on a short term fixed account. It's very worthwhile if you can keep a float of a few million constantly on ~10% interest across the entire year.
These days the base rate is 0.25% and you'd struggle to get 1% interest. I would imagine that the economics mean that the administration costs of the banking movements would exceed the income from the interest, honestly. Doubt they are making much that way.
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