Opposition treasury spokesman Joe Hockey says he is comfortable with the country's richest person increasing her stake in Fairfax Media.
Mining billionaire Gina Rinehart has moved to buy a huge swathe in Fairfax that would make her the media group's biggest shareholder with a 14 per cent stake.
Ms Rinehart already has a 10 per cent stake in the Ten Network and is a director of the broadcaster's board.
Mr Hockey on Wednesday said for many generations the Fairfax family was probably the richest family in Australia when they owned the newspaper group.
'It comes down to the quality of the paper, the quality of the editorial,' he told ABC Radio.
'It arguably does not matter who owns the media company.'
The senior Liberal said Fairfax had a strong board and editorial independence.
'Gina Rinehart is a good person and a good Australian,' Mr Hockey said.
Fairfax Media publishes newspapers including The Age, The Sydney Morning Herald and The Australian Financial Review, as well as a digital network, a national radio network based on 2UE-3AW and extensive rural publishing interests.
The company is capitalised at $1.74 billion.
