I am opposed to free trade in Australian natural resource assets. I am not specifically opposed to China obtaining significant stakes in our natural resource industries – I am opposed to any resource-hungry customer of Australian resources buying a significant stake in the enterprises that supply them.
The general issue here is set out nicely in the NYT. China is seeking to buy significant stakes in Australian resource assets at a local trough in the commodity price cycle. China buys more than half of our iron ore exports and more than half of our wool.
Chinese interests as a large scale (indeed monopsonist) purchaser are not coincident with Australian interests as a supplier with monopoly power. It is times like this that one wishes Australia had a half-sensible federal government rather than a bunch of bogans like Rudd who substitute verbiage for clear thinking.