This chapter examines whether there has been an increased emphasis on sustainability in the sustainability and financial reports of the two major companies in the Australian aviation Industry. The paper also investigates the connection between the sustainability reports and the financial statements in relation to Greenhouse Gas (GHG) emissions. Most aviation companies release GHG emissions but also offset these through carbon offset schemes. The study specifically attempted to establish whether the GHG emissions and carbon offsetting as portrayed in the sustainability reports can be quantitatively measured through to the financial reports. The two Australian aviation companies—Qantas Airways Ltd. and Virgin Australia Airlines Pty Ltd. control over 95% of Australia’s domestic aviation market. The sustainability and financial reports of both companies were analysed over a period of six financial years from 2017 to 2022. The content analysis indicated that sustainability issues were more emphasized over this period by both companies. The results also showed that the financial statements and sustainability reports of these two companies reveal limited financial information about revenue received and expenses incurred by carbon offsets, or how they are classified as assets or liabilities in the Balance Sheet.