Overseas investors would have to face the Foreign Investment Review Board if they want to buy agricultural businesses worth $53 million or more, under proposals being considered by the Federal Opposition.

The proposal is included in a discussion paper released by Opposition leader Tony Abbott, Nationals leader Warren Truss, and shadow treasurer Joe Hockey this morning,

It says the threshold for scrutiny on foreigners buying agricultural land should be $15 million.

The proposed $53m figure for agri-business investments is much lower than the current figure of $244 million.

Mr Abbott says he supports foreign investment, but it needs to be in Australia’s national interest.

“I want to make it absolutely crystal clear that the Coalition unambiguously supports foreign investment in Australia,” he said.

“”We need it, we want it, it is essential for our continued national prosperity … [but] what’s very important though is that the public have confidence that the foreign investment we need and want is in Australia’s national interest.”

Trade Minister Craig Emerson said the board already reviews state-owned assets, and accused the Coalition of fear-mongering.

“What the Coalition is seeking to do is misinform,” he said.

“It is irresponsible behaviour on the part of Mr Abbott and Mr Barnaby Joyce. It is just economic nationalism, or worse, it is economic Hansonism.”

Former Liberal minister Peter Reith says the Coalition proposals pander to populism and is contrary to public interest.