Woodside chief executive Peter Coleman summed up a common view that security and economic prosperity were dependent on one another. Loading “The two go hand in hand, and you can’t have unbalanced relations,” Mr Coleman said. “You can’t deny the fact that China is a very important market for us but you can’t compromise on fundamental security issues. I think Australia is playing its hand well. We’re playing it hard but appropriately.” Of 41 major company bosses who were asked during the about balancing national security with economic opportunity in interviews during company reporting season, most said the government had to weigh up competing concerns. Eight said the current balance was about right. A further 16 were non-committal about the current balance but acknowledged that one had to be struck. Two said Australia needed to take a more security-focused approach and two said it needed to be less security-based. The rest declined to comment.

Most recognised that it is a difficult balance to strike in an era when one country is growing so quickly and upsetting the regional balance so dramatically. The majority acknowledged it was a balancing act, though some stressed it was not an either-or question, arguing security and economic prosperity were entwined. Marnie Baker, chief executive of Bendigo and Adelaide Bank, said there might need to be even more attention given to security. Marnie Baker, chief executive of Bendigo and Adelaide Bank, said the nation needed to balance the two, but that there might need to be even more attention given to security. “I’m not too sure that we have got it [the balance] right at the moment and I think there’s more to play out there in relation to the power play that we’re seeing between the US and the Chinese economy,” she said. “I think we need to get more emphasis on the security aspect.”

By contrast, Seek chief executive Andrew Bassat said Australia needed to “embrace China more fully”. “We’ve had a really good experience in China. We’ve treated the Chinese market with respect and they’ve done the same for us,” he said. “There has been a bit of an imbalance in terms of the Australian views of the Chinese.” Loading Replay Replay video Play video Play video Gerry Harvey, chairman Harvey Norman, was another who was sceptical of an overly heavy approach to security. “A lot of people are concerned that China will have a military base in the Pacific ... Are they ever going to invade Australia and why would they? I can’t imagine it. I don’t think that’s as serious as some people do. I think it’s overplayed," he said.

AGL chief Brett Redman said Australia had struck a “reasonable balance”. Loading “[China] is a great trading partner, but they are going through some growing pains. We’re supportive of the government’s security concerns,” he said. Tim Reed, boss of MYOB, said security and economic concerns worked “hand in glove” over the long term. “In the long run, we won’t have a secure economy without a secure nation. I think right now the government is walking that line pretty carefully and fairly so we have the balance right.”