Nats senator and Coalition front bencher Barnaby Joyce has become a trifle obsessed with the ol' yellow peril it seems.
If you believe this former Queensland accountant from St. George we're all in danger of being seriously in hock to China, which is coincidentally one of our more significant export markets.
Small problem for Joyce though - China doesn't figure as anywhere near our biggest creditor because that honour is reserved for the UK and US.
Hong Kong (which is China's only representative on the creditor list) holds around 3% of Australia's total foreign debt, but Britain holds in the vicinity of 24% and America 22% of the $114 billion or so red ink still on the books racked up by federal or state governments, financial institutions and private companies.
Less than a quarter of Australia's foreign debt is contractually long term if this Australian Parliament Library 2009 research paper has a good handle on the subject.
Barnaby mentions China so often that it's almost a nervous stutter.
Here is an abbreviated list of his comments on China over the last three years from Hansard and the media:
This is money that people want back. Most of them are from overseas. How much more money do you want to owe to these people? The biggest one being the Communist People's Republic of China.
Under this massive new tax of the Australian Labor Party, they will be signing us up to an agreement as a result of which we will be borrowing money from China to pay the interest to China to send back to China to develop China.
The Labor Party cannot tell you exactly how this tax is going to do anything to the temperature of the globe by itself. They aspire to grab America and China.
We have this ridiculous proposition that if we pass this bill we are going to be borrowing money from China to send back to China to help develop China. We will be borrowing money from China and from Saudi Arabia to send to African despots.
We have no money. We are in debt up to our eyeballs. We will be borrowing money from countries such as China to send back to China to help China develop, when we thought they were already doing a pretty good job at it.
So we will be borrowing money from China to pay back to China to develop?
It has stacked us up with debt to the eyeballs so that we could go out on some spending spree and have the stimulus of the nation spread across the carpet on Christmas Day with 'made in China' written on the back.
I have clearly stated that I have no problems dealing with China—I have no problems with the trade to China. I have clearly stated that over and over again.
When this legislation came forward, there was only one other nation on earth that had legislation like this, and that was the communist People's Republic of China, which I thought was peculiar.
In fact, I stated that the stimulus would be spread across the carpet on Christmas Day with 'Made in China' written on the back of it and that it was a complete and utter waste of money. Time has proven us correct.
We will develop a plant in China. We will develop another plant in the United States. But we're not going over there, because those people are half crazy.
Do we implicitly, by association in legislation, say that ovaries are now commercial property disassociated from the person and as property can be extracted from prisoners in China or aborted foetuses in Australia?
The Australian Government would never be allowed to buy a mine in China. So why would we allow the Chinese Government to buy and control a strategic asset in our country? Stop the Rudd Government from selling Australia.
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