Australian politicians lack guts: Rinehart

Mining magnate Gina Rinehart says Australian politicians don't "have the guts" to tackle government spending.

Ms Rinehart said the cost of government was growing rapidly and this issue has been overlooked in the election campaign.

"There is one giant cost slab that isn't decreasing: government," Ms Rinehart told the Saturday Telegraph.

Ms Rinehart also took aim at the level of government red tape which needs to be overcome for developments.

She says her $10 billion iron ore project at Roy Hill has been slowed down by the around 400 government approvals needed.

"India has the guts to do what it's doing to cut at least federal red tape, with the consequent immense benefits to its people, driving investment, jobs, economic growth and living standards - why can't Australia?" she said.

Prime Minister Malcolm Turnbull said Ms Rinehart was welcome to her opinion, but insists his government will balance the budget by 2019/20.

"Gina Rinehart is entitled to express her views," Mr Turnbull said.

"We are running a disciplined budget."

He hit out at Labor for pledging larger deficits over the next four years.