Foreign investment surged in 13/14: Hockey

Treasurer Joe Hockey says new figures show that Australia is open for business with a 23.4 per cent surge in foreign investment in 2013/14.

Treasurer Joe Hockey says new figures that Australia saw a surge in foreign investment in 2013/14. (AAP)

New figures show foreign investment into Australia surged by 23.4 per cent in 2013/14 to $167.4 billion.

For the first time China ($27 billion) was the largest country for approved investment, according to the Foreign Investment Review Board's 2013/14 annual report, overtaking the United States ($17.5 billion).

"Once again, Australia is open for business," Treasurer Joe Hockey said in a statement on Thursday.