Adani’s Queensland coal venture reports zero tax despite nearly $1 billion revenue

Adani’s Queensland coal project, Carmichael, posted nearly $1 billion in revenue for the 12-month period ending 31 March but used high operating and logistics expenses to record a $340.6 million loss, resulting in no corporate tax payable. The firm contributed $58 million in statutory royalties to the state and an additional $33.1 million royalty to an affiliated party. Former investment banker Tim Buckley argued the corporate structure was deliberately set up to avoid Australian tax, urging new regulations to limit excessive deductions.

The project, which opened in 2021 amid fierce environmental debate, was promoted as a long-term source of funding for public services. Adani’s spokesperson maintained that the company fully complies with both state and Commonwealth tax and royalty rules, following Australian accounting standards. The associated North Queensland Export Terminal also reported a loss and paid no tax despite $356.6 million in revenue, with chief executive Mark Smith highlighting its capital-intensive nature.