Labor says the government should rethink its lower thresholds for checks on foreign investment in agriculture and agribusiness.
Parliament is considering laws forcing overseas buyers to seek Foreign Investment Review Board (FIRB) approval for agricultural land purchases of $15 million or more - down from the current $252 million threshold.
The FIRB also would consider the foreign purchase of agribusinesses exceeding $55 million.
The changes were taken to the 2013 election by the then Liberal leader Tony Abbott and endorsed by the Nationals, but received a cool response from the business community.
Opposition trade spokeswoman Penny Wong told a business forum in Melbourne on Friday Labor would seek to amend the government's bill which would scrap the new agribusiness threshold.
It would also seek to increase the FIRB screening threshold for investment in agricultural land from the government's proposed $15 million to $50 million.
Trade Minister Andrew Robb said the investment thresholds issue had been "well aired" before the 2013 election and the government would stick with its policy.
"We had a thumping result at the last election and we consider we've got a mandate for that," Mr Robb told reporters in Darwin on Friday.
"We will look at whatever the opposition puts up but I don't see what their argument is."
However, Mr Robb said foreign investment was vital to the Australian economy to stay globally competitive.
"We haven't got the capacity to put in the big licks of money that is needed," he said.
Senator Wong said there was a major contradiction between the government's rhetoric about needing more foreign investment and its proposed laws dealing with farms and agribusinesses.
"At the very time when our agriculture and food processing industries are looking to expand to take advantage of export opportunities, the government is introducing restrictions which will make it harder for those industries to secure new investment," she said.
"Labor supports a more open investment regime."
A future Labor government would also consider whether the $1094 million threshold for non-sensitive sectors which applies to Australia's free trade agreement partners should be extended to all foreign private investors.
"The challenge for Malcolm Turnbull is whether he will stand up for an open economy by supporting Labor's amendments, or just be a rubber stamp for the anti-investment barriers concocted by Tony Abbott and the Nationals."
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