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Australia defends exchange deal block

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Australia defends exchange deal block

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Australia has been defending its opposition to a takeover of the Sydney stock exchange by its counterpart in Singapore.

Critics called it a political move that could hit future investment, but Australia’s Treasurer Wayne Swan said: “I welcome foreign investment, but ultimately all foreign investment proposals have to be in the national interest.”

Swan has not detailed why he wants to block the deal.

It was agreed by the two exchanges to cut costs, combat alternative trading platforms and avoid being overtaken by North American and European exchange mergers.