By Harrison Christian courtesy of Daily Mail Australia
25.06.2025
Gina Rinehart has lashed out at the Albanese government’s net zero emissions target, blaming it for declining investment in Australia.
The billionaire mining magnate made the comments in a statement about Rio Tinto’s decision to build a new iron ore mine, known as Hope Downs 2, in partnership with her company, Hancock Prospecting.
The new iron ore mine extends the current Hope Downs joint venture between Rio and Hancock in Western Australia. It is expected to create about 950 jobs during construction and 1,000 jobs once operational in 2027.
‘It’s time not to be distracted by name-calling like far right and other names, and stick to the fact that investment is beneficial, and unfortunately declining in Australia,’ Ms Rinehart said.
‘We need to stand up, ignore the truth twisters, truth hiders and truth avoiders, and to point out what’s needed if we want to see such investment bring jobs and benefits to many Aussies.
‘…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 trillions of dollars’ worth of taxpayer and shareholder money was being ‘wasted’ on the net zero emissions by 2050 target, ‘adding expense not only to businesses, and resulting in even more record business failures, but expense for every Australian adult, and future Aussie adults, ensuring our taxes remain high’.
‘Not forgetting, even if Australia reduces its approximately 1 per cent share of (global) emissions, what benefit is there really in the overwhelming expense and consequences that such reduction brings?’ she asked.
‘The truth hiders are not telling us manufacturing often requires 24-hour reliable electricity, such as dairy and aluminium, steel and AI.
‘They ignore the consequences.’
Ms Rinehart said the Labor government, whom she referred to as ‘truth hiders’ were misleading Aussies about the true cost of emissions targets.
‘The truth avoiders are not telling us, that given the increasing introduction of renewables, businesses, even small ones, are being called up by bureaucrats demanding they stop using mains at times, so that thousands of homes in the cities don’t lose power at peak times,’ she said.
‘The truth twisters are not telling us of the trillion plus of taxpayers’ dollars net zero will cost, or the further trillion businesses will have to pay for net zero.
‘We all lose when soaring energy prices damage our lives and competitiveness.’
Business investment has declined in Australia over the past year amid rising costs, high levels of uncertainty and decelerating demand.
Private capital expenditure was 0.5 per cent lower in the March 2025 quarter compared to the same period a year earlier, according to data from the Australian Bureau of Statistics.
The Albanese government’s Climate Change Bills passed the Senate in 2022, bringing into law a net zero emissions target by 2050.
