The picture is currently on display at the National Gallery of Australia, alongside other works by Vincent Namatjira, an award-winning artist.
With a double chin, it casts mining billionaire Gina Rinehart in an unattractive light.
In response to the reports, Mr Namatjira stated that he “paints the world as he sees it”.
Ms Rinehart has not made any public comments on the painting, according to Australian media.
The National Gallery, on the other hand, “welcomes the public having a dialogue on our collection and displays,” according to Australia’s News.
