Controversial Australian entrepreneur, Dick Smith, believes that continued Chinese investment in Australia’s gold and agricultural sectors will lead to a loss of control of the Nation’s own resources.
Smith has called upon the federal government to intervene stating that the short-term gain of foreign investment has directly lead to a poorer nation, as reported by The West.
Smith believes that if Australia had greater control over its resources by owning more of its core mining businesses, than the resources would not be used up as quickly.
“We allow them to buy land here because there's a short-term gain for our Government, because the Government needs to have perpetual growth. My attitude would be, we should say no, especially if it's food producing land,” said Smith.
Smith stated that he would be happy for Chinese agricultural and resources investors to immigrate to Australia and then buy into the industry, ensuring that the resources are kept in Australian hands.
"They can get the points to immigrate, and if they come here and bring their families and their kids – they make the most fantastic immigrants, the Chinese," he said.
"My attitude especially about the Chinese buying is that it's normally the Chinese Government, which is a communist Government, and I don't like them mining our resources," Smith said.
"In terms of agricultural buying, they won't allow me to buy any land in China, because they're sensible.”
Smith said that 70 percent of Australia's mining industry is owned by foreign investors and he believes that 90 percent of the Aussie food industry is foreign owned.
"Some argue it doesn't matter, but it does because all the wealth goes overseas. And we'll end up renting Australia."