Senator the Hon Katy Gallagher

SARAH ABO, HOST: Labor’s Economic Reform Roundtable, also known as the Canberra talkfest, kicks off tomorrow. For more on what we can expect, Finance Minister Katy Gallagher joins us live now from Parliament House. Katy, we're so excited about this talkfest, can you tell? But let's ask some serious questions. So, can you promise to keep your hands off tax?

SENATOR THE HON KATY GALLAGHER, MINIS TER FOR FINANCE: Well, there will be a discussion around tax on the agenda, but there are also discussions around productivity, about budget sustainability, about economic resilience. So, it's three days with a packed agenda - locking people in a room with no windows. There’s got to be something good that comes out of that.

KARL STEFANOVIC, HOST: So, you’re going to get your waffle on?

GALLAGHER: Well, I've heard people be a bit cynical about it, Karl. This is a real opportunity. It doesn't happen very often that you pull in, people of the kind of the level that are being pulled into that room from right across the economy, and really put their heads together on what are the opportunities and are there areas of consensus that we can all work together on?

STEFANOVIC: What about the EV tax exemption, given it's going to cost $23 billion?

GALLAGHER: Yeah, well issues around budget sustainability, issues around tax, issues around road user charging as we transition from petrol to EV cars, I mean, all of those will come up over the next few days, I imagine. But it's not limited to that. I imagine there'll be other ideas as well.

STEFANOVIC: You know, you encourage everyone to get on the EV’s, and now you're going to tax them?

GALLAGHER: Well, it's not unusual to look at how you incentivise the uptake of new technology, whether in this case, around EVs, and they've been very popular, and that's the good reason, you know, they have lower operating costs once you get in, people are pretty happy with them. And of course, it works towards dealing with some of the impacts of climate change and emissions reduction. So, governments all around the world are doing that, but we also, as Minister for Finance, I have to look at how we make the budget sustainable so we can fund all the other areas of need across government and that's a big part of the discussions during this week as well.

ABO: And for those users out there who still have cars that need petrol, there was a story in the 6pm news last night about how Russian oil, despite sanctions, is still making its way into Australia via India, where it's being refined. Will you commit to stopping that, to closing those loopholes?

GALLAGHER: Look, all of those issues would be looked at by ministers with responsibility in those areas. I mean, we have been pretty clear around sanctions on Russia, and of course, over the last week or so, looking at how those talks are about bringing peace to Ukraine…

ABO: But are they ineffective? If it is still getting to Australian shores?

GALLAGHER: Well, I think you need to always remain vigilant about them. That's for sure. I mean, that wouldn't be a surprise to anybody, but, you know, we do have a very firm position on Russia, and it's illegal and immoral invasion of Ukraine.

STEFANOVIC: There’s been a lot of talk about removing red tape as well. But what about helping Aussie families just put food on the table and pay the power bills?

GALLAGHER: Well, we are doing that as well. I mean, you know, some of those one July measures, kicking in the energy bill relief, you know, looking at how we invest in Medicare. So that's - our agenda that we took the election, which was very much focused on cost of living relief, that's rolling out. But the Roundtable also, you know, even if you look at regulation, regulation has cost. Now sometimes, you know, there's good reason around those regulations, in fact, more often than not there are, but we've got to look at whether there are areas to reduce that regulation, and that will ultimately, if you look at areas like housing, potentially lower costs around housing. So that's part of the discussion, and I imagine it'll be a big part this week.

STEFANOVIC: Katy, good to talk to you. Appreciate your time as always. Thank you.

GALLAGHER: Thanks so much.