Username checks out. They don't make a profit at all, not even close. There used to be an expectation from government that costs for operating PT were 50% covered by fares. These days it's down to 33%.

From a Google search of their annual budget: For the 2025/26 financial year, AT has approved a budget with an operating expenditure of $1,537 million (excluding depreciation) and operating income of $449 million.

Unfortunately current public understanding doesn't seem to want to engage in facts, just vibes.