Mr Hockey was asked on Sky News last night whether he could "see any way that Huawei would be allowed to invest in our NBN project".
"No," he replied.
Labor banned Huawei from involvement in the NBN on the advice of security agencies that it could compromise the network's security. The Coalition had promised to review the ban.
Joe Hockey's intervention comes after the Attorney-General revealed the Coalition had been briefed by ASIO.
Yesterday, China's Huawei had remained hopeful it would be allowed to tender for NBN contracts despite media reports saying Attorney-General George Brandis had upheld its ban.
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"The new government has had further briefings from the national security agencies. No decision has been made by the new government to change the existing policy," Senator Brandis said in a statement on Tuesday.
But it is understood that the wording of the statement has given Huawei hope that an official decision won't be handed down until the completion of several NBN reviews.
"Huawei understands no decisions have been made by the government regarding the NBN, pending outcomes of the strategic review," a Huawei Australia spokesman said in a statement on Tuesday.
Huawei, a major supplier of communications technology around the world, was banned from involvement in the NBN following advice from Australian security agencies.
Communications Minister Malcolm Turnbull said in August the ban would be reviewed by the coalition.
China, a major trading partner in negotiations with Australia for a free trade agreement, called for a level playing field when asked about the ban on Tuesday.
"We always oppose countries using national security as a reason or an excuse to interfere in the economy and normal trade co-operation between two countries," Chinese foreign ministry spokeswoman Hua Chunying told a news briefing in Beijing, according to the ABC.
