Ausgrid: Scott Morrison stands by move to block sale to Chinese

Federal Treasurer Scott Morrison has confirmed he has blocked the sale of the New South Wales electricity provider, Ausgrid

Mr Morrison said stopping foreign investors from buying a 50.4 per cent lease of Ausgrid was consistent with recommendations from the Foreign Investment Review Board.

He said the Australian Government had worked very closely with the NSW Government to ensure it was aware of these concerns, and he would continue to make sure national security requirements were met in any future sales in NSW.

He added that he supported the State Government's plan to unlock capital and fund new infrastructure.

The Treasurer said he had reviewed responses from the bidders, but said he did not believe the foreign investment should go ahead.

More to come.