Hockey fails the leadership test on GrainCorp

In rejecting Archer Daniels Midland’s GrainCorp takeover, the Treasurer has not only shown disregard for our national interest but contradicted his own party's promise that Australia is 'open for business'.

There is a perverse logic underpinning Treasurer Hockey’s decision to block Archer Daniel Midland’s takeover of GrainCorp.

Its basic form is this:

– Australia needs foreign investment to allow its under-capitalised agribusiness sector to flourish;

– The GrainCorp takeover would make growers and the broader community angry, and vocally so;

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