Australian Treasurer Wayne Swan Friday appeared to play down any responsibility on behalf of the government for the collapse of a deal between Rio Tinto Ltd. (RIO.AU) and Aluminum Corp. of China, or Chinalco.

Asked if the drawn out foreign investment review process for the deal had put the transaction at risk, Swan said: "I completely reject that".

The end of the deal is "a commercial matter between the partners", Swan told reporters.

"Australia welcomes foreign investment. It is very important for this country and we welcome proposals from foreign countries provided they are in the national interest," he said.

Swan also said that the government's Foreign Investment Review Board hadn't reached a final decision on the transaction.

-By James Glynn, Dow Jones Newswires;

61-2-8272-4685; james.glynn@dowjones.com