Labor has stepped up its attack on the government's rejection of a foreign takeover of GrainCorp. PRIME Minister Tony Abbott has defended his treasurer's call on the attempted foreign takeover of GrainCorp, telling a high-level business audience that good government is about pragmatic idealism, not perfection. The federal opposition on Wednesday stepped up its attack on the government's rejection of the foreign takeover bid, with shadow treasurer Chris Bowen claiming Treasurer Joe Hockey blocked the deal due to political pressure and his decision would cost jobs. "I do not see the national interest test was properly invoked in this instance," Mr Bowen told the National Press Club. He said he would have approved the deal based on the available information. Australia's Foreign Investment Review Board examines all major foreign investment proposals and must decide if they are contrary to a loosely defined "national interest" test. On Wednesday evening, Mr Abbott was in Sydney to attend a gala dinner hosted by the Business Council of Australia. The coalition in opposition tried to stop a government from breaking its election commitments. The current opposition is trying to stop a government from keeping its election commitments," he told the audience. Yes, the coalition has knocked back one - just one - foreign investment application out of more than 130 received, but I do want to stress that foreign investment applications will always be considered on their merits and approved where it is in the national interest to do so. Alison Watkins, the Graincorp CEO who announced her resignation after the takeover bid was knocked back and is set to take up a position with Coca-Cola Amatil, was among those in the audience. "If I may say so, only from the outside does government mostly seem a matter of choosing right from wrong," Mr Abbott said. On the inside, it much more often involves choosing the greater good, or the lesser evil - getting the best possible outcome, not necessarily the perfect one. Mr Bowen - who also attended the dinner - has claimed the takeover rejection did not pass "the common sense test." "Clearly this was a decision frankly that was taken for political reasons," he said earlier on Wednesday.