Hancock Prospecting reported a net profit of $2.8 billion for the 2026 financial year, representing a 9 percent decline from the previous year’s $3.08 billion and marking its lowest profit since 2019. The figure remains significantly below the company’s record $7.3 billion profit recorded in 2021.

Gina Rinehart, chairperson of Hancock Prospecting and Australia’s richest individual, criticized the federal government for contributing to economic challenges through what she described as wasteful spending and policies detrimental to business investment. In a detailed statement accompanying the company’s financial results, Rinehart condemned government spending on initiatives such as net-zero emissions commitments under the Paris Accord, which she claimed damaged farmers’ livelihoods and involved subsidies for “toxic materials.” She also expressed disapproval of funding allocated to the Australian Broadcasting Corporation (ABC) and increasing regulatory burdens.

“Governments don’t create prosperity or raise living standards; they take from producers and workers and spend or waste taxpayers’ money,” Rinehart stated. She argued that rising federal debt, business failures, and declining living standards reflected socialist policies that, in her view, lead to negative economic outcomes. Rinehart further warned that excessive regulation and policy uncertainty were encouraging investment to move offshore.

Hancock Prospecting paid $2.3 billion in taxes during the year, bringing its total tax contributions over the past decade to $24.5 billion. The firm’s iron ore division posted a net profit of $1.8 billion in the same period, producing 71.5 million tonnes of iron ore.

Hancock’s chief executive, Garry Korte, echoed Rinehart’s concerns about the investment climate in Australia. He cautioned that the country’s regulatory environment was making it increasingly difficult to attract and retain investment. “The risk is not only to companies and workers. It is to the tax base that pays for the services every Australian relies on,” Korte said. He stressed the need for governments to provide certainty to support investments crucial for maintaining reliable and affordable energy.

In recent months, Rinehart has been vocal in her opposition to federal government policies, including the May budget’s reduction of the capital gains discount, which she warned could diminish Australia’s tax revenues by discouraging domestic business investment.

Rinehart has also shown political support for the One Nation party, becoming its largest donor and providing gifts to its leader, Pauline Hanson, including access to a private plane. The two were photographed together at a luxury resort in Italy in June.

Separately, Hancock Prospecting’s annual report disclosed ongoing legal disputes involving Rinehart and two of her children, John and Bianca Hancock. The legal battle has resulted in $6.5 billion in dividends being held in trust accounts as the matter is resolved.

Additionally, the company expanded its portfolio through an investment in Elon Musk’s SpaceX, acquiring eight million shares in the company’s June initial public offering. The shares have remained steady at the IPO price of US$13.50 per share.