Salary Packaging Company McMillan Shakespeare Got Absolutely Destroyed Today

Photo: Getty Images

Salary-sacrifice packaging firm McMillan Shakespeare was down more than 50% earlier today, with around $549 million stripped from its market value.

When Prime Minister Kevin Rudd said he wanted to scrap salary-sacrificing tax breaks to pay for a faster move to a floating carbon price, it was never going to be good news for the company.

The changes, if they go through, will make it more expensive for people to salary-sacrifice their cars. Auto-makers were immediately affected, a lot of Australian corporates have put their schemes on hold and there’s more than a few of their employees who are annoyed.

But when McMillan Shakespeare started trading again today after going into a halt on Rudd’s announcement, its shares dived. They were trading down 44% to $8.50 at 2:27 PM. Click this link for a live price.

Now read: CHART OF THE DAY: The Close Link Between China’s Flash PMI And Australian Interest Rates

Follow Business Insider Australia on Facebook and Twitter

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.