Gina Rinehart warns of a recession ahead

Gina Rinehart's latest plea against the mining and carbon taxes comes with a warning: a recession's approaching and now's not the time to turn off investors.

We're guessing the recession she's predicting might be in reference to the Northern Hemisphere, rather than locally, though what she means by the throw-away line buried deep within her latest opinion piece for Australia Resources and Investment Magazine is still debatable.

"Now, as a recession approaches, is not the time to burden Australia with a carbon tax and Mineral Resource Rent Tax," writes Rinehart after declaring "by all means increase taxes on cigarettes, cigars and alcohol".

Rinehart's piece, Resources the life-raft in an economic storm, her latest in a series commissioned by the magazine, discusses the "important fundamentals" she believes that Australia can sometimes forget.

No prizes for guessing what those fundamentals are: natural resources as well as the people up North going above and beyond to contribute to the wealth of this country.

Such fundamentals have helped Australia avoid a global economic crisis, writes Rinehart, and will now help us avoid the impending doom led by "both Europe's and the United States' big spending governments".

Rinehart goes on to warn that investors are choosing to invest in Africa over Australia, where its abundance of resources can be easily tapped via its cheap workforce.

She warns that hard working Aussies should not be blamed for rushing off to live in Singapore, Monaco or "even Africa" (possibly because of the upcoming recession?) before calling on readers to take heart from the success of the Australians for Northern Development & Economic Vision.

"We all know we are fortunate to call Australia home, even though it has faults".

And we're all glad she appreciates it.