Australia’s wealthiest person, Gina Rinehart, has accused the Albanese government of wasting public money on what she described as “woke propaganda”.
Her comments came as Hancock Prospecting, the mining company she owns, reported a $2.8 billion net profit after tax for the financial year ended June 30.
The business paid $2.3 billion in federal and state taxes during the year, while its total assets climbed to $50.3 billion.
Hancock’s total comprehensive income, including gains from its investment portfolio, rose to $5.2 billion from $3.5 billion a year earlier.
Across the past decade, the company’s combined federal and state tax payments have reached $24.5 billion. Its employees have also contributed additional tax through their salaries.
The latest result follows the opening of Hancock’s 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 taxes,” Mrs Rinehart said after the release of Hancock Prospecting’s annual report.
“Every dollar we pay in tax is money that everyday Australians do not have to find themselves, or money that does not need to be added to the government’s record debt.”
Australia’s richest person, Gina Rinehart, has criticised the Albanese government over what she called wasteful taxpayer spending on “woke propaganda”.
Mrs Rinehart criticised rising government costs, arguing that “the larger governments get, the more they take from taxpayers”. Anthony Albanese is pictured on Thursday.
Mrs Rinehart also criticised the expansion of government, saying its growing size placed an increasing financial burden on taxpayers.
“More than $715 million of taxpayers’ money is spent renting federal government offices in Canberra, despite high vacancy rates linked to work-from-home arrangements,” she said.
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She also claimed taxpayers were funding billions of dollars in federal subsidies and costs associated with the Paris Accord, including spending on materials she described as toxic and policies she said were damaging farmers’ livelihoods and homes.
“There are more billions going to the left-wing propaganda machine, the ABC, as well as unknown sums for miseducation, DEI, woke propaganda and teaching children to feel ashamed of—or even hate—their country,” she said.
Mrs Rinehart ended her statement by warning that red tape and expanding regulation were making life more difficult in Australia, while investment was increasingly shifting overseas.
“Record federal debt, record business failures, falling living standards and Australians struggling with the rising cost of living are not signs of a nation moving in the right direction,” she said.
“They are the consequences of socialist policies, which always produce the same results. They harm many people.”
Hancock’s annual report highlighted milestones at Hancock Iron Ore and Hope Downs, its joint venture with Rio Tinto. It also detailed achievements across the company’s energy, agriculture, investment and property operations.
The financial result follows the opening of Hancock’s McPhee Creek mine development earlier this month. Ore from the project will be processed at Roy Hill, pictured with Mrs Rinehart in the centre, in Western Australia’s Pilbara region.
Hancock Prospecting is also continuing work on two joint ventures in Saudi Arabia.
The company also highlighted its charitable initiatives, including the acquisition of six apartment buildings in Perth and Brisbane for homeless veterans.
Hancock Prospecting and Mrs Rinehart made significant contributions to Telethon, with the company serving as a Million Dollar Partner since 2021, and helped fund the Australian-first Rinehart Kookaburra Centre for children with complex medical needs at The Children’s Hospital at Westmead.
Following Australia’s success at the Commonwealth Games in Glasgow, swimmers and para-swimmers shared $1.2million in bonuses provided by the company.
Hancock also provided $6million in October 2025 to Solaris Cancer Care, alongside support for a range of causes and organisations, including domestic violence initiatives, the Royal Flying Doctor Service, Soldier On, the SAS Resources Fund and the Commando Welfare Trust.