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.
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."
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coronavirus could add $620 billion to Australian debt, new analysis revealsAustralia&x27;s bottom line is expected to be nearly $200 billion in the red next year with no budget surpluses in sight thanks to the coronavirus hit on the economy.
Read more »
New restrictions on foreign investment in all 'sensitive national security' businessesForeign investors will face new restrictions if they want a stake in sensitive industries, under sweeping changes aimed at protecting Australia's national security.
Read more »
NRL's new pitch for stadium cash is so greedy it's offensiveYou'd think the NRL would be content with two new taxpayer-funded stadiums at a time when other industries are on their knees. But you'd be wrong.
Read more »
New suspect identified in 2007 disappearance of Madeleine McCannBritish and German police say now is the time to come forward with information on the 2007 disappearance of British three-year-old Madeleine McCann as their new suspect is currently locked up in prison on an unrelated matter.
Read more »
New law to force NSW MPs to declare water ownershipNSW MPs will be forced to declare any water ownership or trading under proposed new laws | AlexSmithSMH
Read more »