Adani, the Indian conglomerate, has paid no corporate tax from its Australian operations more than three years after starting coal extraction at its Carmichael mine in Queensland. The company pledged over a decade ago to contribute $22bn in taxes and royalties to the Australian economy, but tax experts say it may never pay a cent.
Guardian Australia analysis reveals that Adani's Australian assets regularly report annual losses despite strong revenue, largely due to large related-party payments for interest and lease expenses. The Abbot Point port, operated by an Adani entity under a 99-year lease, paid company tax on port income only once in a decade, amounting to less than $4m.
Jason Ward, principal analyst at the Centre for International Corporate Tax Accountability and Research, described the level of related-party transactions as “pretty unprecedented”. He said: “My judgment on this is that this company is absolutely set up to never make taxable profit. The related-party transactions are so big and wild that this company will never make a profit on paper and will never pay a cent of tax.”
Adani's most recent accounts for the Carmichael operations, for the year ended 31 March 2025, show $1.27bn in revenue but a $461.7m loss after expenses, resulting in no tax payable. The company's immediate parent is in Singapore, which has a low corporate tax rate, while its ultimate parent is India-based Adani Enterprises.
A Bravus Mining and Resources spokesperson said the company complies with the corporate tax system, which is designed for tax to be paid on profits after deductions. He added that focusing solely on corporate tax ignores contributions such as GST, payroll tax, superannuation and royalties, including a $78.6m royalty paid in FY25. However, critics question the economic benefits for Australia, and Ward argues that approvals should include clawback mechanisms to hold companies to their promises.
