SYDNEY -- The China-Australia Free Trade Agreement (FTA) is a great thing that opens up a lot of opportunities for both countries, one of Australia's leading business, social and educational reformers says.

Part of Xinhua's "Talk to China" interview series, which aims to strengthen dialogue between China and Australia, chairman of ANZ and current Chancellor of the University of New South Wales (UNSW), David Gonski, complimented the governments of China and Australia on Tuesday for signing the trade deal.

Gonski is known colloquially in Australian corporate circles as the "chairman of everything" for being part of an estimated 40 corporate boards.

"I'm a great believer in free trade agreements," Gonski said. " When you're a country as Australia is, with wonderful things to get involved in but small in terms of our economy (and size) in the world sense... to be involved with great countries of large size like China and other countries that have got free trade agreements with (Australia), I think is a great thing."

Under the agreement, Australian companies obtain larger access into the Chinese market and reciprocally, the threshold for review by Australia's Foreign Investment Review Board (FIRB) for investment by non-state owned Chinese corporations has been increased to similar levels afforded to Australia's other international trading partners.

Gonski said this is a great move as it levels the playing field for all international investment in Australia, dismissing any idea of prejudice against Chinese investors.

"I have the highest regard for those who run the FIRB, and I would assure investors coming from China that they wont be prejudiced," Gonski said. "We have a very good judiciary and a very good set of regulators."

"I hope that (Chinese investors) will be able to fulfill the requirements that are needed, because (Chinese investors) are very good competitors (in Australia) and great investors."

The China-Australia FTA comes at a welcome time as both countries economies shift, China to a more consumer led economic base and Australia away from mining to become more diverse.

Gonski said he's optimistic that Australia will be able to make the transition over time, however he does not discount the influence the resources sector will have on Australia's economy.

"Whilst Australians are very obsessed with the price of iron ore, we're still selling a lot of iron ore," Gonski said. "We've still got very good expertise and reliability in terms of transporting it, taking it out of the ground, taking it to where it's to be delivered. I think the mining industry has a long (and successful) way to go."

Gonski said infrastructure investment, where demand for iron ore is highest, will be a major player on the economies of Australia and China.

"There is infrastructure need both in Australia, but also obviously in China and other parts of our near neighbors," Gonski said. "The concept of establishing (the Asian Infrastructure Investment Bank) with interests in those sort of areas as an investor, is a plus, and I'm very pleased that Australia is involved in it."

Gonski noted China's expertise in construction during his first trip to China 11 years ago.

"I was visiting an office (in Shanghai), and one day I was looking out of the window, two days later there was a big building there," Gonski said. "They'd built two stories of the building in the two days I was there, amazing construction ability."