Australia’s richest person, Gina Rinehart, has accused the Albanese government of wasting taxpayer money on what she described as “woke propaganda”.
Her comments followed the release of Hancock Prospecting’s annual results, which showed the company recorded a net profit after tax of $2.8 billion for the year to June 30.
The mining group paid $2.3 billion in Commonwealth and state taxes during the period, while its total assets increased to $50.3 billion.
Hancock’s total comprehensive income, including gains from its investment portfolio, climbed to $5.2 billion from $3.5 billion the previous year.
Over the past decade, the company has contributed $24.5 billion in federal and state taxes. Further tax payments were made through employee salaries.
The financial results came after Hancock opened its McPhee Creek mine development earlier this month. Ore produced at the project will be processed at Roy Hill in Western Australia’s Pilbara region.
‘No private company in Australia pays more in tax,” Mrs Rinehart said after the annual report was published.
“Every dollar we pay in tax is a dollar that everyday Australians do not have to find themselves, or a dollar that is not added to the government’s record debt.”
Australia’s richest person, Gina Rinehart, has accused the Albanese government of wasting taxpayer money on “woke propaganda”
Mrs Rinehart criticised rising government costs, saying that “the larger governments get, the more they take from taxpayers”. Pictured, Anthony Albanese on Thursday
Mrs Rinehart also criticised rising government expenditure, arguing that “the larger governments get, the more they take from taxpayers”.
“More than $715 million of taxpayers’ money goes towards rent for federal government offices in Canberra, despite their high non-occupancy rates given work-from-home allowances,” she said.
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“Taxpayers are funding billions of dollars in federal subsidies and costs linked to the Paris Accord, including spending on toxic materials and policies that are damaging the livelihoods and homes of many farmers.”
“There are also more billions being spent on the left propaganda machine, the ABC, as well as unknown amounts on miseducation, DEI, woke propaganda and teaching our children to be ashamed of our country, even to hate it. And more.”
Mrs Rinehart ended her statement by warning that red tape and expanding regulation were making life more difficult in Australia, while investment was moving offshore.
“Record federal debt, record business failures and consequent falling living standards, and Australians struggling with the increasing cost of living are not signs of a country heading in the right direction,” she said.
“These are the signs of socialist policies that always lead to the same results. They hurt many people.”
The annual report highlighted milestones at Hancock Iron Ore and Hope Downs, its joint venture with Rio Tinto, along with achievements across the company’s energy, agriculture, investment and property operations.
The results followed the opening of Hancock’s McPhee Creek mine development earlier this month. Ore from the project will be processed at Roy Hill, where Mrs Rinehart is pictured, centre, in Western Australia’s Pilbara region
Hancock Prospecting is continuing to advance two joint ventures in Saudi Arabia.
The company also outlined its charitable work, including the purchase of six apartment buildings in Perth and Brisbane to provide accommodation for homeless veterans.
Hancock Prospecting and Mrs Rinehart have made major contributions to Telethon, with the company serving as a Million Dollar Partner since 2021. They also helped fund the Rinehart Kookaburra Centre at The Children’s Hospital at Westmead, the first Australian facility of its kind for children with complex medical needs.
After Australia’s success at the Commonwealth Games in Glasgow, swimmers and para-swimmers shared $1.2 million in bonuses funded by the company.
In October 2025, Hancock provided $6 million to Solaris Cancer Care, in addition to supporting a range of organisations and causes, including domestic violence initiatives, the Royal Flying Doctor Service, Soldier On, the SAS Resources Fund and the Commando Welfare Trust.
