Chinese-owned publication Global Times has lashed out at Australia following Aussie legislator and businessman Clive Palmer's tirade on ABC's Q&A earlier this week when he referred to the Chinese as "mongrels" and "bastards" who "shoot their own people."

The editorial titled, "Clive Palmer's tirade cannot be ignored," called on China to exact diplomatic retaliation for the "unscrupulous remarks." It claimed that Palmer's words represented Australian society's unfriendly approach toward China.

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It called for sanctions against Palmer and his business, saying that China should cut off all business relations with the former. It added that Beijing should impose a travel ban on Palmer and his associates.

Although Australian society condemned Palmer's comments and claimed that the harsh words did not represent the views of the majority, the editorial noted China has already been victimized by the war of words.

In recent weeks, the state-owned newspaper has crossed swords with Australian Foreign Minister Julie Bishop and Prime Minister Tony Abbott.

The paper reacted to words spoken by Bishop and called her a "complete fool" after she had vowed to fight for Australian values and "manage for the worst" in dealing with Beijing.

Similarly, the publication had also lashed at Abbott for commending the Japanese soldiers' courage and skill during World War II.

With this in mind, the Global Times said Palmer's tirade may possibly be the deciding factor for worsening relations between China and Australia.

"Because of him, China must teach Canberra a lesson for sabotaging a bilateral relationship," the editorial read.

While Australia enjoys economic profits from Beijing, the former has already chosen to side with U.S. and Japan, both of which have tense relations with China, the editorial said, referring to Canberra as a "double-dealer."

Meanwhile, Palmer has refused to admit fault for his words.

On Tuesday, Palmer took to Twitter and claimed the words were "not intended to refer to Chinese people" but to CITIC Pacific.

He is currently in a dispute with Chinese state-owned firm CITIC Pacific, which has accused him of siphoning some US$12 million to fund a federal election campaign, an allegation Palmer has denied.

TagsClive Palmer, Australia, Sino-Australia, CITIC Pacific