Barnaby Joyce 'beating xenophobic drums': Wayne Swan Former Labor Treasurer Wayne Swan: "It is puzzling that the current government is dragging its feet on [the takeover bid for wheat exporter GrainCorp]... They need to make an adult decision now. Former Treasurer Wayne Swan has urged the Coalition government to make "an adult" decision on the takeover bid for GrainCorp, accusing Agriculture Minister Barnaby Joyce of "beating xenophobic drums." Treasurer Joe Hockey recently postponed until December 17 a final decision on the controversial $3 billion takeover bid for wheat exporter GrainCorp by the American agribusiness giant Archer Daniels Midland. The decision is shaping as a crucial test of Australia's relatively open foreign investment regime under the new Coalition government. The Abbott government is divided on the issue with the Nationals agitating for a rejection on national interest grounds. It is also the first big test for the influential but opaque Foreign Investment Review Board under the new government. Read more on the mysterious FIRB in tomorrow's BusinessDay. Mr Swan said Mr Hockey would have already received advice from FIRB on whether to reject or approve the deal. "I think it is puzzling that the current government is dragging its feet on this question," Mr Swan told Fairfax Media. They should have comprehensive advice before them. Mr Hockey outlined his reasons for delaying the decision last Friday. In a statement, he said: "Given the size of this transaction and the complex nature of the issues involved, I have decided to extend the statutory time period. This will allow sufficient time for the new government to carefully consider all the relevant issues and advice from the Foreign Investment Review Board before making a decision. Mr Hockey's office did not respond to requests for an interview this week. Mr Swan, who oversaw the largest surge in foreign investment in Australia's history, said some MPs were fanning anti-foreign populism. "What you had was a lot of populist rhetoric from the likes of Barnaby Joyce, who was simply beating xenophobic drums because it suited them politically," he said, "Now he's in government, you might notice that he has stopped." Mr Joyce had previously responded to Mr Swan's accusation of xenophobia, saying "it is not xenophobic to ask what is in your national interest and what values we support and what actions we will condone." Mr Joyce's office has been contacted for comment. Mr Swan was responsible for approving a large number of controversial foreign investment deals such as the sale of the Cubbie Station to a Chinese-led consortium, as well as rejecting the Singapore Exchange's tilt at the ASX. He defended his decision of approving the sale of Cubbie Station - the largest cotton farm in Australia. "The fact was if I had not approved that, the place would shut down because there was not domestic capital available to invest in that particular operation," he said. There has been a recent surge in foreign interests buying Australian agricultural assets, including the Indonesian government's intention to buy 1.5 million hectares of farmland to breed cattle. Over the last five years, the average level of foreign investment in the agricultural sector has been just over $2.5 billion, according to the Foreign Investment Review Board. In tomorrow's BusinessDay: Unlocking FIRB - inside the secretive world of the Foreign Investment Review board.