Arab Today, arab today tycoon australia treating mining firms as atms
Last Updated : GMT 06:51:35
Arab Today, arab today
Arab Today, arab today

Tycoon: Australia treating mining firms as ATMs

Arab Today, arab today

Arab Today, arab today Tycoon: Australia treating mining firms as ATMs

Sydney - AFP

Australia\'s richest person Gina Rinehart on Friday accused the government of using the mining industry as an ATM, warning of an unhealthy reliance on the sector and unsustainable debt levels. In a speech to the Australian Mines and Metals Association conference, the outspoken tycoon, chairman of Hancock Prospecting, cautioned that without reform Australia risked the debt problems faced by countries like Greece. \"Let\'s not be too proud to admit that we\'re really just a large island with a small population with record debt,\" she said, according to extracts of the pre-recorded speech released online. \"Plenty of Australians know this in a casual way. \"What few seem to properly understand -- even people in government -- is that miners and other resources industries aren\'t just ATMs (cash machines) for everyone else to draw from without that money first having to be earned and, before that, giant investments are made.\" Australia\'s economy has been driven by the mining industry but the boom is approaching an investment peak and a bumpy transformation lies ahead as alternative sources of growth are sought. Mining projects have faced headwinds from depressed conditions in Europe and the United States, softening growth in China and increased competition from other producers as well as falling commodity prices. Earlier this week, the government revealed a significant plunge in revenues due to sluggish corporate tax earnings and announced an Aus$18 billion (US$18 billion) budget deficit for 2013/14, having previously forecast a surplus. Rinehart said the government had been complacent in managing the commodities boom and its debt levels -- which are forecast to peak in 2014/2015 at 11.4 percent of GDP -- were unsustainable. \"It is incredible that after the last six years of record commodity boom times, we now find the once lucky country in record debt, with the budget tipped to deliver yet another deficit, to further increase our record debt,\" she said. \"Without mining and its related companies this country has no hope of repaying our record debt without facing the problems Greece and other countries faced with overspending and consequent debt traumas.\" Prime Minister Julia Gillard called the claims \"absolute nonsense\". \"(It\'s) not backed by economists and not backed by ratings agencies with their triple-A rating of the Australian economy,\" she told reporters, denying Australia was using the mining industry to fund its promises. \"What we are doing is taxing super profits in the mining industry because it\'s Australians that own the mineral wealth in our ground and no one individual.\" Rinehart has been a fierce critic of the government\'s mining and carbon taxes, saying that along with red tape and high wages it had made Australia \"cost uncompetitive\".

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today tycoon australia treating mining firms as atms Arab Today, arab today tycoon australia treating mining firms as atms

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today tycoon australia treating mining firms as atms Arab Today, arab today tycoon australia treating mining firms as atms

 



Arab Today, arab today Designer prepared new set of ornaments

GMT 02:45 2017 Wednesday ,28 June

Designer prepared new set of ornaments
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 08:23 2017 Saturday ,24 June

Actress Feryal Yussef received new drama offers

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday