Prime Minister Tony Abbott has stressed that Australia remains open for business despite the government's surprise decision to block the $3.4 billion foreign takeover of the country's largest grains handler.
Treasurer Joe Hockey scuttled US firm Archer Daniels Midland's tilt at GrainCorp on Friday.
The decision means GrainCorp shareholders miss out on cashing in on the proposed sale and the listed company's shares plummeted by more than 20 per cent following the announcement.
However, Mr Abbott on Saturday reiterated that Mr Hockey had dealt with 131 major foreign investment applications in his time as treasurer, and 130 of them have been approved.
"I want to absolutely stress that Australia is open for business," he said.
Assistant Treasurer Arthur Sinodinos said the government now had to sit down with the various stakeholders to work out a plan on promoting more capital into the agricultural sector, where things weren't "hunky dory".
"We need to find a way to promote the integration of our agriculture sector into global supply chains and find ways to make it even more attractive for domestic and foreign capital to go in there," he told ABC on Saturday.
"Foreign ownership will be required and foreign capital to build new agricultural enterprises in Australia, make no mistake of that."
Opposition Leader Bill Shorten said Labor was concerned about the consistency of the coalition's decision making on foreign investment going forward.
"It seems this decision has been guided more by politics than by the national interest or by jobs," he said.
"Our concern is to make sure that our agribusiness industries, which are really important, keep attracting international investment."
Mr Shorten also said there was clear division in the coalition ranks about the foreign investment, which could deter other potential investors.
"You've the economic dries, who seem to be aghast at Treasurer Hockey's decision, and you've got some in the National Party who are popping champagne corks," he said.
"This has been guided more by politics than the national interest and jobs."
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