Australia’s richest woman 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.
The mining magnate, who has 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.
She sounded the warning in a chapter for an upcoming book titled Australia Tomorrow.
Rinehart said, for generation after generation, they have wanted to hand down a better country for the children but sadly for the current generation she believes it is now at risk.
Rinehart urged the Australian Government – which last year oversaw a record $167billion budget deficit- to show more fiscal restraint in the years to come.
Gina Rinehart said Sri Lanka which was once prosperous with its tea plantations and other agriculture, has now become a country which couldn’t support itself with food, due to its socialist path.
She said, Sri Lanka which became independent in 1948 was a prosperous nation but now ‘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.’