29/05/18

Gina Rinehart looks offshore to avoid Aussie red tape and taxes.

(The West Australian) -- Billionaire Gina Rinehart believes her business interests in Australia have suffered as a result of her speaking out against red tape and tax burdens.

In a speech to an American Chamber of Commerce in Australia event in Adelaide at the weekend, Mrs Rinehart urged fellow rich-listers to join her in seeking regulatory relief.

“Unfortunately, Australians have governments that can use their increasing power to the detriment of those who speak out, be that via increasing tax audits, ASIC, withholding or delaying approvals, which can have huge consequences,” she said.

Mrs Rinehart said her majority-owned Roy Hill iron ore project had been on the receiving end of such actions.

“This project needed more than 4000 approvals, permits and licences, pre-construction, plus more for construction,” she said.

“More are required to increase our capacity to 60 million tonnes per annum, important in this uncertain reduced iron ore price situation, especially with such huge debt obligations.”

The AUD$10 billion Pilbara project’s existing capacity is 55mtpa and Mrs Rinehart said it had an outstanding debt of more than AUD$7 billion.

Describing a published rich list as a “hate list”, she said it “would be great to see more of those on such lists doing far more to support and try to progress reducing tape and taxes”.

“Huge thank you to those brave enough to speak out to help our country and its future — and let’s all remember, countries get the government they deserve,” she said.

She said while continuing to invest in Australia such as the Kidman & Co pastoral acquisition, the imposts had forced her to look overseas for investments, citing Hancock Prospecting’s 2016 investment in Sirius Minerals in Britain.