The chair of federal parliament's powerful security and intelligence committee has warned Australia against underestimating China, pointing to the experience of Europe in the face of an aggressive Nazi Germany.

Federal Liberal MP Andrew Hastie says Australia will face its biggest democratic, economic and security test over the next decade as China and the US compete for global dominance.

Mr Hastie said Australia faces a delicate diplomatic balancing act with the US, the nation's closest strategic ally, and major trade partner China, going toe-to-toe in a trade war and it was impossible to forsake America or disengage from China.

After debate over a Chinese company having a 99-year lease on Darwin's port reignited during the week, Mr Hastie said there were broader issues to consider.

"Right now, our greatest vulnerability lies not in our infrastructure, but in our thinking," he said.

Mr Hastie was quickly shushed by senior government leaders but he makes a very valid point.

Darwin Port is owned by Chinese company billionaire Ye Cheng and although his Landbridge company private, he has close ties with the Communist government and has described the Darwin venture as Australia's involvement in the Chinese "Belt and Road" initiative.

Landbridge came up last week in Queensland parliament when Robbie Katter asked the Transport Minister if they were the proponent of the proposed Mount Isa-Tennant Creek railway. Neither the minister nor his director-general could say.

I am not against Chinese investment.

Foreign money keeps the wheels of our economy going and funds projects and employment that might otherwise not be possible.

But Mr Hastie is right, we must be clear-eyed about our relationship with China and ask in every transaction: cui bono?

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And if you are looking for me at the moment, you'll need to search the Brisbane area. Having a few days off post-Rodeo in the big smoke. I'll be back on deck on Tuesday. Derek Barry