Joyce returns fire at Swan on FIRB

Nationals senator Barnaby Joyce has returned fire at Treasurer Wayne Swan, accusing him of trying to paint him as a “banjo-playing reprobate” for his concerns about foreign investment.

Last week Mr Swan accused opposition leader Tony Abbott of letting Senator Joyce write the coalition’s foreign investment policy.

The comments came after Mr Abbott hinted at tighter restrictions on Chinese state-owned firms investing in Australia during a speech in Beijing.

Senator Joyce said the coalition would review foreign investment in agricultural businesses and land and be guided by that report.

State owned enterprises were a new dynamic and how Australia dealt with foreign investment needed reviewing, he said.

Senator Joyce said Mr Swan agreed with the Foreign Investment Review Board’s (FIRB) decision to reject 42 instances of foreign investment in suburban real estate last year.

“We need to be mindful… that we are aware of the fact that if we get ourselves into a position where we are scared at certain times to mention the word state owned enterprise because we might intimidate another sector or another country, we have to ask how we will deal with a dispute in the future,” he told ABC TV.

The Nationals senator also said WikiLeaks cables revealed the treasurer had one view in private on foreign investment and another he stated in public “which was entirely different.”

“He’s quite willing to go and enflame the issue by going out and trying to typecast people such as myself as a banjo-playing reprobate from north of the Tweed.”

Senator Joyce said the FIRB should include farmers and small business owners and be a proper representation of the economic diaspora.

Japan, China, the United States, Korea and New Zealand all had more stringent foreign investment laws than Australia, he said.

“They can’t all be parochial, they obviously all have the same ideas we have – that there is a national interest and there is a reason to be mindful of it and make sure you protect it.”

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