Scott Morrison said he was close to making a decision on whether to allow Chinese state-owned State Grid Corp. And Hong Kong-registered Cheung Kong Infrastructure Group to buy a 99-year lease for half of the New South Wales state-owned electricity network Ausgrid for more than 10 billion Australian dollars (USD 7.6 billion).
"This is not an easy decision," Morrison told Sydney Radio 2GB. "National security out ranks everything."
Chinese foreign investment, particularly from state-owned companies, has become increasingly contentious in Australia has China takes a more aggressive stance in territorial disputes in the South China Sea.
Turnbull said Australian defense and security officials determined the 506 million Australian dollar deal did not threaten national interests.
Senator Nick Xenophon, the leader of three senators whose support could be crucial to the government to pass legislation through the upper chamber when Parliament resumes this month, said the foreign investment decision-making process lacked transparency.
"I don't believe it is in the national interest for a state-owned enterprise to control one of our biggest power assets in this country," Xenophon told Australian Broadcasting Corp.
Opposition leader Bill Shorten said Morrison should not be swayed by Baird's political needs in deciding on Ausgrid, which provides power to 1.7 million homes and businesses in Sydney and its surrounds.
"What we don't need is for the Liberal Party just to rush this through at they did with the Port of Darwin," he told reporters.
Morrison in May blocked a Chinese-led consortium from buying Australia's largest private landholding, S Kidman & Co. Ltd, saying the cattle empire was too big to be owned by foreigners.
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