Australia will end up impoverished like Sri Lanka : Gina Rinehart

DM | Published: 11:11 AM Sep 28 2021
Local Australia will end up impoverished like Sri Lanka : Gina Rinehart

Gina Rinehart 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.

Rinehart, who is the country's richest person with a net worth of USD 31billion, urged Australians to be 'on guard' against the 'ruining effects of socialism' in order to preserve the nation's wealth.

She sounded the warning in a chapter for an upcoming book titled Australia Tomorrow edited by Jake Thrupp 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.

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

Rinehart urged the Federal Government - which oversaw a record USD 167billion budget deficit in 2020 mainly due to heavy spending to offset the crippling effect of COVID lockdowns - to show more fiscal restraint in the years to come.

Reinhart wrote that Sri Lanka, which was once prosperous with its tea plantations and other agriculture, has now become a country that couldn’t support itself with food, due to its socialist path. 

She claimed that Lankans 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.

She also cited Argentina - which was the world's tenth wealthiest nation per capita in 1913 but now suffers political instability, inflation and a 42% poverty rate - as a cautionary tale of big government.   

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

DM | Published: 11:11 AM Sep 28 2021

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