Billionaire Gina Rinehart lashes out at Labor’s budget and calls for ‘more mines’


Billionaire miner Gina Rinehart has lashed out at Labor and the state of Australia in a fiery speech that criticised projected levels of immigration while also revealing the two words used to describe the resources sector which she detests.

Ms Rinehart, who is the chairman of Hancock Prospecting, bluntly said that Australia needed “more mines” if it was going to prosper, claimed there was a $60bn investment shortfall in the industry and suggested the nation’s resources sector was vital to stop other countries from getting too cosy with Russia.

Speaking to the Queensland Resources Media Club on Tuesday in Brisbane, Ms Rinehart, who is estimated to be worth almost $38 billion, took at aim at Treasurer Jim Chalmers’ latest budget.

She said that the budget’s, likely very brief, surplus was due to the mining industry.

“Our budget had a small surplus thanks to our industry, but still huge debt, a debt that is costing Australians in interest around $60 million each day,” Ms Rhinehart said.

Canberra and the states would not “have their massive tax revenues to waste without our industries,” she claimed.

Ms Rinehart said the industry needed to grow so there would be funding for defence, health and emergency services.

“If we want our standards of living to continue we simply must have more investment in mines and more mines developed.

“And for that, we need to do far more to ensure our government much better understands and puts policies in place that actually welcomes and not deters investment.”

Two words Rinehart hates

Ms Rhinehart said there were two words she hated when used in conjunction with mining: “dirty,” and “evil”.

“Our governments … need to be pro-mining … and drop their use of propaganda like ‘dirty mining’ and ‘evil mining’,” she said.

Despite being elected on greener election promises, Labor has approved a new mine.

Earlier this month environment minister Tanya Plibersek indicted she would give the go-ahead to a coal mine in Queensland’s Bowen Basin. Its coal will be used in steelmaking.

Climate change and energy minister Chris Bowen has ruled out completely banning new coal mines, saying fossil fuels will play a part of Australia’s overall climate transition.

Nevertheless, Ms Rinehart said Hancock’s own Roy Hill mine, which started production in the Pilbara region of Western Australia in 2015, could be under threat.

It has delivered more than $8bn in tax revenue to the federal and WA governments.

“Roy (Hill) is estimated to have a mine life left of only approximately 10 years,” Ms Rhinehart said.

“There is potential if more investment, and if further regulatory hurdles and approvals are achievable, for this to be extended.”

She said “red tape” was bad when Roy Hill was being constructed.

“Things are far worse in Australia now, with more and more red tape making approvals burdensome and time-consuming and risky.

“It’s very popular now to restrict mining in the name of the environment, even for dangerous snakes, mice and weeds.”

That, she said, was throttling back investment and claimed there was now a $60bn shortfall in investment in the mining industry.

“This will have huge consequences for our country,” she said.

“We are simply not seeing the massive investment given how high commodity prices are and despite the stated need for rapid expansions in metals and minerals supply to be able to meet the government’s green policies.”

Ms Rinehart even said that Russia’s future influence could grow if Australia didn’t expand its resources sector.

“If Australia does not step up our investment and exports, if we allow Russia to become the preferred supplier of energy and metallurgical coal to Asia, that will have consequences for the security of western countries.”

Immigration concerns

The minerals magnate also took aim at Labor’s immigration plans.

In the budget, Mr Chalmers said Australia could expect to see 1.495 million immigrants over the next five years.

The government has pointed out that immigration fell during the pandemic, leading to staff shortages.

The number of new arrivals into Australia is likely to still be lower than projected before Covid-19 hit.

But Ms Rinehart said 1.5 million more people would lead to increased demand on housing and other costs.

“We all know there is a housing shortage for Australians already – rents are escalating, our hospitals are inadequate without adding more, police already can’t police crime and crime is escalating, electricity requirements will increase, adding to unreliability and increased costs, and so on,” she said in her speech.

“Increased welfare payments,” and “net zero schemes,” were draining the country’s coffers, she added.

Ms Rhinehart said the answer was more mines to put more money into the economy.

Read related topics:Immigration



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