Originally published by Cliona O’Dowd of The Australian
Gina Rinehart has lashed the federal government for record debt and wasting money on costly agendas like net-zero emissions, after profit at her mining company fell almost 10 per cent.
Hancock Prospecting recorded a net profit of $2.8bn for the 2026 financial year, down 9 per cent on the $3.08bn the company posted a year earlier, and well below the record $7.3bn Hancock delivered in 2021.
It was the lowest net profit Hancock has posted since 2019.
“Government’s (sic) don’t create prosperity, or raise living standards, they take from producers and workers and spend or waste taxpayers money, leaving less in your pocket and less for private investment,” Mrs Rinehart was quoted as saying in a seven-page document the company released with its results.
“Taxpayers funding billions of federal subsidies and money spent due to the Paris Accord including on toxic materials, and wrecking the livelihoods and homes of many farmers.
She also criticised funding to the ABC and the “thousands of approvals” Hancock had taken a risk on without any guarantee it would succeed.
Hancock paid $2.3bn in taxes over the year, bringing its tax paid over the past decade to $24.5bn.
Mrs Rinehart, Australia’s richest person, also railed against excessive red tape and socialist policies driving investment out of the country.
“Every year government changes, tape and regulations keep climbing, and investment is increasingly deciding to head overseas,” she said.
“Record federal debt, record business failures, and consequent falling living standards and Australians struggling with the increasing cost of living are not the signs of a country heading in the right direction. These are the signs of socialist policies that always lead to the same results, they hurt many people.”
Mrs Rinehart’s comments come months after she slammed the federal government over its controversial May budget that culled the capital gains discount.
In the wake of the budget, she warned the changes would ultimately lead to a lower tax take as mining and other business investment was forced offshore.
Hancock’s chief executive Garry Korte, taking the same line as his chairman Mrs Rinehart, said government policies had seen Australia become a harder place to invest and that driving investment away would have consequences.
“The risk is not only to companies and workers. It is to the tax base that pays for the services every Australian relies on,” Mr Korte warned.
“Governments must provide the certainty needed for companies to commit to the investment required to be able to keep energy reliable and affordable,” he said.
Over the past year, following ongoing criticism of the major parties, Mrs Rinehart has thrown her support behind minor party One Nation, becoming its biggest donor, and has showered the party’s leader, Pauline Hanson, with gifts including a private plane.
Senator Hanson was also seen with Mrs Rinehart at an exclusive five-star resort in Italy in June, with photos showing the pair relaxing by the pool at the Grand Hotel San Pietro.
For the 12 months to June 30, the iron ore arm of Hancock Prospecting posted net profit of $1.8bn, on 71.5 million tonnes of iron ore produced through the year, the company’s accounts show.
Hancock also invested in Elon Musk’s SpaceX in June, buying up eight million shares at its IPO. The shares are currently trading at the same level as the IPO price of $US135.
“SpaceX’s starship is built from stainless steel and other minerals, and its rockets and satellites depend on the iron ore, copper, rare earths and lithium that Hancock produces or invests in,” the company said.
