Australia looks beyond China for growth

AUSTRALIA won't be putting all of its economic and investment eggs into China's basket, Trade Minister Andrew Robb says.

Mr Robb and Prime Minister Tony Abbott will embark on a trade and investment tour of Canada and the United States next week.

It will include Mr Abbott's first meeting with US President Barack Obama at the White House.

Mr Robb will lead a separate business delegation to Ottawa, Toronto, New York and Houston.

China accounts for 30 per cent of Australia's exports and about $151 billion in two-way trade.

Critics say this leaves the Australian economy open to danger should the Chinese economy slow down.

But Mr Robb said the argument was misguided, particularly given the interest in Australia from the US, Canada, Indonesia, the Gulf States and Singapore.

"I've done 28 investment roundtables in 10 countries," he told AAP.

"They want a stable, certain investment environment.

"I think we are quite attractive and we are restoring the gold standard for sovereign risk."

The US had 10 times more invested in Australia than it had in China, and Australia had $30 billion invested in China but $450 billion in the US.

"I'm very conscious of the fact that the long-term investors - the US, UK, Switzerland and Japan - will continue to be the mainstay of our investment," Mr Robb said.

"A lot of the growth may come out of China and others but you still need the mainstay.

"We can't put our eggs in the one basket but it's fair to say we are not."

The focus of Mr Robb's mission will be pension funds and other investors in North America with an interest in tourism and hospitality, medical research and devices, resources and energy, education and agribusiness.

"These are five things we feel we are as good as anybody and better than most," he said.

There was also the potential for investment in some of the $200 billion in potential state asset sales spurred on by the government's offer of a 15 per cent bonus if the money is put back into infrastructure.

Capital was needed to build five-star hotels to service the growing number of high-spending Chinese tourists.

Agribusiness investment was essential to growing high-value food and fibre products, processing it and shipping it overseas.

Mr Robb's next trip after North America will be to Switzerland and the UK.

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