Hancock Prospecting chair Gina Rinehart has slammed the federal government for wasting "trillions of taxpayers' and shareholders' money on net zero", which she claims has resulted in added expenses for every Australian adult already facing the cost-of-living crisis.
Reflecting on the announcement by Hope Downs joint venture partner Rio Tinto that development would start soon on Hope Downs 2, after all necessary state and federal government approvals were received, Rinehart said the project had been years in the making but was finally ready to start bringing benefits to local people and many Western Australian and Australian businesses supplying goods and services.
"Plus, the tax and royalty revenues this Hope Downs project will add to federal and state governments, helping to pay for the much-needed thousands of nurses and police, and their training too, our essential defence personnel, emergency services and much more," she said.
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Chasing the unobtainable and expensive magic pudding that net zero is will negatively impact our way of life for generations to come. – Gina Rinehart
"We believe it is hence very necessary to encourage investment and companies like Rio, to invest in Australia."
Rinehart warned that without investment and projects such as Hope Downs, Australia's living standards would suffer and it would "become a very different country".
"If we want to see projects like Hope Downs 2 continue to be built, Australia needs to honestly confront and urgently address the reasons for its recent years of declining investment," she said.
"In the March 2025 quarter, private capital expenditure recorded its biggest contraction since the beginning of COVID."
Rinehart said investment was beneficial, however, it was unfortunately declining in Australia.
"Even if Australia reduces its 1% share of emissions, what benefit is there really in the overwhelming expense and consequences that such reduction brings?" she asked.
"Chasing the unobtainable and expensive magic pudding that net zero is will negatively impact our way of life for generations to come."
Rinehart suggested that those who wanted to reduce their emissions do so, and those who wanted net-zero efforts be the ones who pay for them.
"Thank you to our valued partner Rio, thank you for your investment in WA, and massive thanks to everyone who's worked 1200km or more away from their home and families, to bring this much-needed project to fruition."
