Prime Minister Tony Abbott is seeking to reassure foreign investors Australia is still "open for business" despite his government's decision to reject a US takeover of GrainCorp.
Treasurer Joe Hockey on Friday announced he would not allow Archer Daniels Midland to take over Australia's largest grain handler, saying it was against the national interest.
Mr Abbott defended the decision.
"The treasurer has been the guardian of our national interest," Mr Abbott told reporters in Adelaide on Friday.
"And I want to make it crystal clear we are open for business. We are open for foreign investment but it has to be foreign investment that accords with our overall national interest."
He said the decision had been made "in accordance with the law".
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