"We are being mugs if we don't change the rules. We have this open slather approach to foreign investment of our prime agricultural lands that makes us an international laughing stock," Senator Xenophon said.
"You can't blame the Chinese for investing here, it's an open-door policy."
Liberal Senator Bill Heffernan, who is chairing the inquiry, said Australia had to plan ahead 50 years "to control our destiny and sovereign assets".
