PM Backs ‘Australian Way’ at Economic Forum, No Tax Reform Commitments

Albanese vows to cut red tape but keeps tax reform cards close.

Australian Prime Minister Anthony Albanese speaks to media during a press conference at Parliament House in Canberra, Australia, on June 23, 2025. AAP Image/Lukas Coch

Prime Minister Anthony Albanese says his government is focused on clearing red tape, boosting business confidence, and creating jobs—while resisting pressure to comment on whether a GST rise is on the table.

Speaking at the News Corp Economic Forum on July 4, Albanese said his government was working to make it easier for businesses to “create jobs, start and finish projects, invest in new technology and build new facilities.” In some cases, that meant pulling back on red tape.

“Some of this involves government doing less,” he told the forum. “Clearing away unnecessary or outdated regulation. Eliminating frustrating overlap between local, state, and federal laws.”

Consideration on Tax Reform

Albanese confirmed the government would consult widely ahead of the August productivity summit, where broader reform ideas—including tax—will be considered.

However, he refused to speculate on whether his government might lift the GST while lowering income tax.

“We’re going to do interviews between now and August, where we get asked to rule things in or out,” he said. “It’s not something we have given any consideration to.”

Still, he made it clear the government welcomed input.

“If people want to put forward ideas, you can put them up. I’m a supporter of progressive taxation,” he said.

Albanese said tax reform would be “an important part” of the conversation, but “not the whole of it.”

The prime minister’s comments come two weeks after Treasurer Jim Chalmers acknowledged at the National Press Club that Labor’s first-term tax changes had not addressed the deeper structural problems in the system, including the budget’s structural deficit.

He warned that tackling those issues would require “hard and contested” conversations, and said meaningful progress on productivity or budget sustainability was impossible without proper tax reform.

Tariffs and Trade: ‘The Australian Way’

Albanese also took aim at global protectionism, repeating his long-held opposition to tariffs while championing his concept of “progressive patriotism”—a phrase he used throughout his election campaign.

“There is nothing for us to gain from a race to the bottom on wages and conditions. Or the economic self-harm of tariffs. We want to do this the Australian way,” he said.

His comments come as the United States prepares to reinstate Trump-era tariffs, with Australia still waiting to secure an exemption from the 10 percent baseline duty on its goods.

Responding to a question on the possibility of securing some relief against the tariff, Albanese said, “I’m confident as well that we will be constructive, but we know that no country has a better tariff, if you like, level than 10 percent now. We’ll continue to put our case [forward].”

The prime minister also dismissed suggestions that Kevin Rudd was a hindrance to Australia’s dealings with Trump, despite past tensions.

“As much as people might have had a view about Kevin over a period of time, no one could doubt his capacity, his hard work, his ability to work strongly. The discussions that I’ve had have been very positive, nothing but positive in comments that have been made to me. So he’s not a bar to any phone call, any meeting,” Albanese said.

In 2020, Rudd called Trump “the most destructive president in history.” Trump later labelled Rudd “nasty” and “not the brightest bulb.”