PM stands by his treasurer, literally

For a third day in a row Tony Abbott has been asked to stand by his treasurer.

This time he literally was standing by Joe Hockey's side on a farm near Yass, in southern NSW.

The pair was there on Wednesday to announce new foreign investment rules for agricultural land.

But questions soon turned to Mr Hockey's future, amid reports Malcolm Turnbull had been approached by some ministers to take over as treasurer.

Mr Turnbull has denied the reports.

Was that so, prime minister, reporters asked.

"It's been a very good team," Mr Abbott responded.

"It's worked extremely well through four years of opposition and now through almost 18 months of government."

Mr Abbott admitted the team had faced "headwinds" and "organised sabotage" in the Senate from Labor.