China's bitter battle with Australia has cost us billions, with investment plummeting to a record low in 2020. The clash between the two nations has been raging for years, beginning in 2018 when China-US relations fell to new lows and after Australia became the first country to bar Chinese smartphone giant Huawei from its 5G network due to top-secret national security concerns. Since then, the relationship has severely deteriorated - and now it seems China has had the ultimate revenge. According to new data from the Chinese Investment in Australia Database (CHIIA) at the Australian National University, Chinese investment in Australia fell by more than 61 per cent last year.