Tony Abbott floats raising the cap on Chinese investment, but agriculture minister says Australians have concerns

This article is more than 6 years old

This article is more than 6 years old

Australians are naturally concerned about foreign government-owned companies buying local assets, agriculture minister Barnaby Joyce says.



The National MP says he will make a case to block any sales that aren't in the national interest.



During his visit to Shanghai last week, the prime minister, Tony Abbott, talked about easier access for Chinese state-owned enterprises wanting to invest in Australia.



He floated the idea of raising the cap on Chinese investments from $248m to $1bn before they needed to come under investment scrutiny.



But there would be a limit of $15m on buying any agribusinesses, after which they would have to be scrutinised by the Foreign Investment Review Board.



However, Mr Joyce said Australians were naturally cautious about foreign government-owned companies buying local assets because they fostered the interests of their own governments.



It would be arrogant of politicians to disavow people of those concerns, he said.



"I'm always going to stand up for where I believe our national interest needs protection or where there are sensitivities that should be taken on board," he told Sky News on Sunday.



Not surprisingly, he had reservations about foreign state-owned companies buying prime agricultural land.



"That's where I think you have to be guided by a sense of pragmatism," he said.



Mr Joyce said the prime minister's comments were general proposals that would be discussed further in cabinet.