Mining billionaire Gina Rinehart says Australia could start to look a lot like Greece, unless major changes are made.

Rinehart has told an Institute of Public Affairs and Australians for Northern Development & Economic Vision seminar that dwindling commodity prices, big public debt, and tax-payer funded bail-outs could destroy living standards.

“Are our country’s business leaders just going to call for more handouts for their failing businesses struggling to be sustainable with the commodities crash?’’ she said.

“But where can such taxpayer funds come from given our debt and that we’re having to borrow money to pay even the interest on our government debt?’’

Rinehart said if something is not done about public debt and taxpayer bail-outs, “we’ll turn into another Greece”.

“Remember, one-third of Australia’s exports and revenue are from iron ore and coal alone and both have devastated prices now,’’ Rinehart said.

“We are fast approaching uncharted territory with Australian debt. This is an urgent problem for the country and it should be a priority in Canberra.”

“But, let’s be frank, unless business leaders and others interested in the future of our country clearly speak up and point out why regulations, licences, permits and compliance burdens must be urgently and significantly cut, little but continuing lip service will occur,” she said.

“We are one struggling with too much government-caused debt, but do we really want to become a nation from red carpet to red tape? A nation of compliance, not performance? And see our standards of living deteriorate?

“Having seen quite a bit of the poverty of Asia, this is something I’d greatly prefer that my country develops the sense to avoid.’’

Broadly, Rinehart wants “onerous government regulations and delays” to be reduced.