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Australia’s richest woman warns Australia will end up impoverished like Sri Lanka

27 September 2021 09:49 pm - 32     - {{hitsCtrl.values.hits}}


Gina Rinehart, Australia's richest woman worth $31billion, has warned Australia is on the same track as Sri Lanka and Argentina in falling from prosperity to poverty due to a big-spending, regulation-heavy government.

The mining magnate, who is the country's richest person with a net worth of $31billion, urged Australians to be 'on guard' against the 'ruining effects of socialism' in order to preserve the nation's wealth, the Daily Mail reported.

She sounded the warning in a chapter  she wrote for an upcoming book titled Australia Tomorrow which features essays from prominent centre-right thinkers including former Prime Minister Tony Abbott, Deputy PM Barnaby Joyce and broadcaster Alan Jones.

'For generation after generation, we have wanted to hand down a better country for our children,' she wrote in her essay obtained in advance to Daily Mail Australia.

'Sadly for this generation I believe this is now at risk, which the younger ones amongst us, in particular, should not want.'

Mrs Rinehart urged the Federal Government - which last year oversaw a record $167billion budget deficit, largely due to heavy spending to offset the crippling effect of Covid lockdowns - to show more fiscal restraint in the years to come.

'Alluring political words of ''free this'' and ''free that'', more taxpayers' money for this or that, helped to turn once prosperous Ceylon, prosperous with its tea plantations and other agriculture, into a country which couldn't support itself with food,' she wrote using the British colonial name for Sri Lanka which became independent in 1948.

'Instead, its people faced hunger, loss of free speech, consequent damaging riots, property damage, unhappiness, police and military, and a country name change as it struggled with the results of its socialist path.'

Mrs Rinehart, whose wealth soared by $2.2 billion in the six months to May this year due to surging iron ore prices, also cited Argentina - which was the world's tenth wealthiest nation per capita in 1913 but now suffers political instability, inflation and a 42 per cent poverty rate - as a cautionary tale of big government.   

'The socialist policies of Peron and others saw incredible inflation, people unable to support their families, rioting; and the country has never regained its affluent position in the world, even 100 years later,' she wrote, referencing Juan Peron, who nationalised Argentina's large companies and set up social welfare programs when he became president in 1946.

'Sadly, the economy ruining effects of socialism don't just last between elections. They last much, much longer,' Mrs Rinehart wrote.

'We should be on guard against this and, in particular, the entitlement culture, big government, high taxes and government tape – these are problems that need to be faced, if we want Australia to continue to be the wonderful country that it has been.'

The 67-year-old Mrs Rinehart, who inherited her mining empire from her father Lang Hancock, said 'agriculture, mining, small businesses, investment and defence are the keys to our nation and our future' and urged the government to 'stop making decisions influenced by the media of the moment and instead act to make the bold decisions our country needs.'

Prime Minster Scott Morrison has been accused by Labor of simply making announcements to grab headlines and control the news agenda rather than improve the country.

Ms Rinehart also called for the regulation burden on businesses to be reduced, saying the long-time owners of Fossil Downs, a cattle station in the Kimberleys, were forced to sell up due to 'government tape'.

'John, the husband of the owner and manager, had to get up around 4am each morning, like most do on stations in the far north, but he wasn't able to get to bed until around 1am, still doing government paperwork,' she wrote.

The mother of four also slammed 'crazy laws' in the Northern Territory which prevent farm owners killing crocodiles and wild dogs to protect their livestock and land-clearing restrictions which have made some properties more vulnerable to bushfires.  

Mrs Rinehart referenced a report by free market think tank the Institute of Public Affairs which found there has been 80-fold increase to Commonwealth environmental regulation since the first Commonwealth environmental department was established in 1971.

The report in October 2019 called for environmental regulation to be placed solely in the hands of the states to reduce red tape.

In July last year Mr Morrison presented to National Cabinet plans to devolve federal legislation under changes to the Environment Protection and Biodiversity Act which are currently before the senate.

The Australia Tomorrow book was edited by Alan Jones' producer Jake Thrupp and features essays from several Coalition MPs as well as Queensland Opposition Leader David Crisafulli and ACT Opposition Leader Elizabeth Lee.

'These are prominent centre-right voices in Australia who have come together to provide the Coalition with a fresh sense of mission,' he told Daily Mail Australia.

'For the Australian centre-right, a publication of this magnitude has never been done before.'

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  Comments - 32

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  • sss Monday, 27 September 2021 10:00 PM

    Nope. It is wholesale corruption and lack of integrity even in courts of law in Sri Lanka coupled with 80 years of higher education failing to set up a knowledge based economy

    Gamaya Monday, 27 September 2021 10:10 PM

    This lady is underestimating Sri Lankan power. While Australia may become like Sri Lanka, Sri Lanka will become like present day Australia in 5 years time if present rulers stay in power.

    Leel Tuesday, 28 September 2021 10:34 AM

    So three is left?

    Das Monday, 27 September 2021 10:19 PM

    Well put. Although it’s not policies which are at fault here. It’s the morons running things for the past 70 years.

    Abhishek K Tuesday, 28 September 2021 02:37 PM

    People elect morons for freebies.

    Kikuzaru Monday, 27 September 2021 10:39 PM

    Totally agreed. Sri Lanka is a best example of getting drowned in debt. The projects used was mostly non income generating. There are 3 lane roads is places where only buffaloes and elephants roam. Sri Lanka could be a good tourist attraction to observe how a county can get drowned in debt.

    kondaya77 Tuesday, 28 September 2021 12:19 AM

    The country was doing exceptionally well until the Bandaranayke family ruined it with sinhala only crap.

    Perera Tuesday, 28 September 2021 01:10 AM

    Totally agree. Nationalism and religion has ruined this country.

    Personnel jeolosy Tuesday, 28 September 2021 01:56 AM

    What ever say,a group of people I SL never allow the Sri Lankan to come up in life. Of the 22million people only 2.5million people do well.

    Be Fair Tuesday, 28 September 2021 07:24 AM

    Damn shame on Australia

    sanjeewa Tuesday, 28 September 2021 07:39 AM

    Sri Lanka is in a dilapidated condition, because the country is ruled by rogues.

    Biggest rogue Tuesday, 28 September 2021 04:39 PM

    Rogues are elected by rogues

    Dee Tuesday, 28 September 2021 08:28 AM

    Australia needs a man with 7 brains to revive it's economy.

    franklyn fernandez Tuesday, 28 September 2021 08:37 AM

    The brain drain started with the Sinhala only policy and the racist policies followed by each successive government for their own benefit further divided the country, which resulted in many insurrections/wars in the past. These racist policies enabled the politicians to plunder

    Cash Tuesday, 28 September 2021 08:43 AM

    Gina knows more about us than majority of Lankan voters.

    Hussain Rahumathullah Tuesday, 28 September 2021 08:45 AM

    So Sri-Lanka has become a bad example for everyone. Utter shame!

    TJ Tuesday, 28 September 2021 08:54 AM

    Not surprising. A good number of high ranking officials in Australia are Srilankans

    BuffaloaCitizen Tuesday, 28 September 2021 11:16 AM

    That must be the reason for this statement, because thuggery, corruption, nepotism and racism is bound to seep in.

    Lonely wolf Tuesday, 28 September 2021 01:37 PM

    Big brother is watching you Sri Lankans don't get ideas

    Thanh Tuesday, 28 September 2021 08:58 AM

    She is spot on The biggest and stupidest decision SL made was making citizens to be believe in FREE and Entitlement WORD and now we have generations born and raised with this mentality. You don't need to look far look at IUSF asking free job after getting tax payer education and farmers asking free fertilizer Yet many decades later politicians still haven't learnt so as the general population

    Sunil Tuesday, 28 September 2021 09:23 AM

    Jumbo legislature and cabinet with many perks, Projects being executed with low return on investment and high costly tourism infrastructure when most of our tourists are budget tourists from India and China have caused this. Freebies such free education and free health care have really raised our country's social development.

    SL in AUS Tuesday, 28 September 2021 09:24 AM

    Treat this with a pinch of salt. This woman is the biggest donor for the current coalition government. She run the show in terms of key policy process of the coalition government. She also funds various anti science, anti-environment and anti-climate action politicians and organizations in Australia. The daily mail is Derana

    Murali Tuesday, 28 September 2021 09:25 AM

    Hey Gamaya-all these years we have been trying to become like Singapore and now in the next 5 years Australia, with 6.9M people like

    Lumbini Tuesday, 28 September 2021 10:04 AM

    We know who Gina Rinehart is. So, don't worry about what she says.

    Ashan Tuesday, 28 September 2021 10:12 AM

    Socialism is the art of me being generous with someone else's money.

    JAYANTHA Walallawita Tuesday, 28 September 2021 11:04 AM

    She doesn’t know that Sri Lanka’s ruling family got more money than her

    InvictuSriLankan Tuesday, 28 September 2021 11:11 AM

    What will take a long time for Australia...or any other country for that become like Sri Lanka...

    Anthony. R Tuesday, 28 September 2021 03:09 PM

    It will be a very, very Long Time for Australia, or any Other Country to be come like Sri Lanka , as Non of them have Men with 7 Brains to revive the Economy, Nor Family of ......... .

    Umar Perera Tuesday, 28 September 2021 04:35 PM

    She's clueless. Too much money and very little knowledge of history, economics, anything.

    BoM Tuesday, 28 September 2021 04:39 PM

    Yes, you are quite right on your view, that is because of many Sri Lankans herded to Australia to make that country into BANKRUPTCY.

    Jutarat Barnes Tuesday, 28 September 2021 05:39 PM

    Gina cannot comment neither on Australia or Sri Lanka. Inherited Pilbara land are all of more than half a million sq km from her dad which were stolen from the indigenous first Australians. Compare with the size of Sri Lanka 65000 sq km. She is angry with the Australian government because of the climate protections actions they are planning to implement. The knowledge on Sri Lanka comes from our patriotic NGOs doing their best to discredit Sri Lanka.

    Sinithi Banda Tuesday, 28 September 2021 06:27 PM

    Australia still does not promote corrupt or uneducated ministers. SL promotes the most of drug dealers, thugs, corrupt people in politics. Therefor, Australia is still far behind of that level!

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