Australia's richest woman Gina Rinehart has welcomed Donald Trump's election victory as "exciting" for America's economy and called for similar policies to those of the new president-elect to be implemented in Australia, including lower business taxes.

Mrs Rinehart criticised the American media for its "constant and unrelenting negative coverage of the president-elect, ­including at times his loyal supporters, such as his wife, in ­attempts to upset the focus of the president-elect," in a speech to the Institute of Public Affairs (IPA) in Melbourne.

Mrs Rinehart's spokeswoman, former Liberal frontbencher Sophie Mirabella, delivered the speech to the free-market think tank on her behalf.

In extracts reported by The Australian, Mrs Rinehart said the president-elect's promise to slash federal government red tape by 50 per cent and reduce company tax to 15 per cent would "kickstart the American economy."