Politics · Other · 3 hrs ago
Hancock Prospecting reports $2.3 billion in taxes as Rinehart criticises government
Gina Rinehart criticised the Albanese government’s spending as her mining company released its annual results in Australia.
Hancock Prospecting reported $2.8 billion in net profit for the year ending June 30.
It also paid $2.3 billion in federal and state taxes, and its total assets reached $50.3 billion.
Rinehart said government spending on offices, subsidies and what she called “woke propaganda” wastes taxpayers’ money.
The company says it has paid $24.5 billion in state and federal taxes over a decade, making its tax contribution a central part of her argument.
The figures come after the opening of Hancock’s McPhee Creek mine, whose ore will be processed at Roy Hill in Western Australia.
The company’s annual statement also covered its businesses and charitable work, but it gave no further timeline for the mine or other projects.
Hancock Prospecting reported a net profit after tax of $2.8 billion for the year ending June 30.
The company paid $2.3 billion in Commonwealth and state taxes and reported total assets of $50.3 billion.
Gina Rinehart criticised the Albanese government, accusing it of wasting taxpayer money and raising costs for Australians.
Hancock said its total federal and state tax contributions over the past decade reached $24.5 billion.
The company’s McPhee Creek mine development opened earlier in October, with its ore to be processed at Roy Hill in Western Australia.
- Who
- Hancock Prospecting, led by Gina Rinehart, reported the results. Rinehart criticised the Albanese government.
- What
- The company reported a $2.8 billion net profit after tax and paid $2.3 billion in Commonwealth and state taxes.
- When
- The results were for the year ending June 30. The article was published on October 31, 2026.
- Where
- Australia. The company’s McPhee Creek mine is in Western Australia, and its ore will be processed at Roy Hill in the Pilbara.
- Why
- Rinehart criticised government spending, taxes, regulations and policies, saying they made life harder for Australians.
This story does not have two clearly opposing sides.
Hancock provided $6 million to Solaris Cancer Care.
Hancock’s McPhee Creek mine development opened.
Hancock Prospecting recorded a net profit after tax of $2.8 billion and paid $2.3 billion in Commonwealth and state taxes.
The Daily Mail published its report on Hancock’s results and Rinehart’s criticism of the government.
- Net profit after tax
- $2.8 billion
- Commonwealth and state taxes
- $2.3 billion
- Total assets
- $50.3 billion
- Total comprehensive income
- $5.2 billion, up from $3.5 billion
- Tax contributions over the past decade
- $24.5 billion in federal and state taxes
What people are saying
No private company in Australia pays more (in taxes)
Every single dollar we pay in tax is a dollar that everyday Australians don't have to find themselves or another dollar that is not added to record government debt.
the larger governments get, the more they take from taxpayers
These are the signs of socialist policies that always lead to the same results. They hurt many people.