New national security laws for foreign investors set to pass Parliament

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Cabinet ministers have insisted the new laws do not target China but it was one of Australia's only major trading partners not named by Treasurer Josh Frydenberg as a 'like minded nation' in announcing the legislation in Canberra on Friday.

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In a new submission to a parliamentary inquiry into diversifying Australia's trade, Charles Sturt University academic Clive Hamilton said "the historical rupture brought by the virus" was an opportunity for Australia to reduce its reliance on China after the embassy warned Australian universities, beef and wine could be boycotted by Chinese consumers. China is Australia's largest trading partner and accounts for a third of all of Australia's exports.

"This is a well-drilled tactic of the Chinese Communist Party. In the Party's lexicon it's known as yi shang bi zheng ," he said. Professor Hamilton said the government should identify those sectors of the Australian economy most prone to the tactics such as wine and tourism. He said Austrade should help them to diversify and if they ignore warnings - taxpayers should not bail them out.

Professor Hamilton said Australia should also create an easily accesible FIRB-style database for Chinese investment in the Pacific, where China has significant aid and infrastructure interests.The Director of the Australia-China Relations Institute, James Laurenceson, told the inquiry diversifying Australia's export markets away from China meant diversifying toward countries that are not willing to pay as much.

"Meanwhile, any trade opportunities with China that are left on the table would quickly be snapped up by Australia's international competitors," he said in his submission. "The combined effect will cost Australians jobs and by weakening the economy will make Australia less, not more, secure."

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Developing: The New Federal State of China is gaining attention. Hard to comprehend? Read this as it unfolds.

Chinese tourists spent $12 billion while in Australia in 2018. The main purpose for traveling to Australia was for holidays. I hope our tourism industry is ready.

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