Other trading partners would also be more cautious when negotiating with Australia, assuming we will chop and change terms at the last minute after many years of complex negotiations.
Trade deals like CHAFTA or the TPP, which is still being negotiated, require goodwill and perseverance. We should not jeopardise long-term employment and economic benefits by playing short-term politics.
Despite the ill-informed noise I'm confident common sense will prevail and our elected representatives will not ignore the opportunity of a growing Chinese middle-class in favour of partisan political point scoring.
After all this is an unprecedented agreement that commits China to improve market access in around 40 service sectors to levels either equivalent to or better than those enjoyed by other nations.
Tariffs on agricultural exports such as beef, dairy and horticulture will be removed over time. Tariffs are also eliminated on resources, such as coal and alumina, as well as on pharmaceutical and processed food products. This is good news for economic growth.
Importantly though the agreement is not limited to just abolishing tariffs. It also liberalises market access for our services sector and our offshore businesses.
This was a vital development. A recent ANZ report suggests 'value-added' services exports to Asia could support over one million Australian jobs by 2030 and be worth more than $A163 billion – a 135 per cent increase from 2013.
This opportunity will help us diversify our economic base and create opportunities for many other businesses in sectors such as health and aged care, construction, tourism, finance and the law.
While every free trade agreement has industries and sectors that win more than others, it's vital we look at these agreements as a whole, rather than separate parts. It is a vast wood and it would be a mistake to focus on individual trees.
Mike Smith is chief executive of ANZ and chair of the Business Council of Australia's China Leadership Group.
This story was first published in The Australian Financial Review.