TRANSCRIPT -TV INTERVIEW – SUNRISE – TUESDAY 22 JULY 2025

E&OE TRANSCRIPT
TV INTERVIEW
CH7 SUNRISE WITH MONIQUE WIGHT
TUESDAY, 22 JULY 2025

SUBJECTS: TAX REFORM

MONIQUE WRIGHT:  We know that there's this productivity roundtable next month, but what tax reform is the government considering now? Will we be paying more in taxes? 

MINISTER TONY  BURKE:  Oh look, the big tax change that was at stake at the election were the tax cuts. Those top-up tax cuts which were contested in the election, but with the Albanese Labor government returned, they're definitely going through. So the guaranteed tax change as a result of the election is making sure that people continue to get income tax cuts over the next couple of years. There are other tax reform issues that are always raised, but you have this habit from some of the people who call for tax reform that they'll support it as a principle, and the moment you put something on the table, they suddenly run a mile and say, "Oh, yeah, not that." So the concept of the round table is to be able to bring some of those ideas together and say, "Okay, are there ways to be able to sort some of these issues out,” rather than have the ridiculous situation of people supporting it in the general and then abandoning it at the moment to get to any particular proposal.

WRIGHT: Ok so some of the possibilities, an increase in tax on superannuation?

BURKE: Well, that's something that we already have the legislation.. that's already budgeted for, but let's remember what we're talking about there. This is not for ordinary superannuation accounts. Superannuation is there for people's retirement. There's proposal already in the budget, but hasn't been legislated yet, which is to deal with people where they will still get tax concessions so their money is still better off to be in superannuation. But it's where your superannuation balances more than $3 million, and I reckon there's not a lot of viewers at home watching this morning who are saying more than $3 million is their super balance.

WRIGHT: Indeed but there’s lots of other areas that would affect everyone if there was any change to the gst, the land tax, capital gains tax, it goes on and on. Of course Jim Chalmers says he’s open to reforms, we had that leaked treasury report last month, he said he was relaxed about that leak, and it suggested the tax system does need an overhaul. I guess for anyone watching at home Tony, where are you going to get the more revenue you need and will we be paying for it?

BURKE: One of the things the government has to manage is when we first came to office, you know, three years ago now, we were left with a trillion dollars of liberal debt, when you looked across the forward estimates, and what was projected. So, you know, we needed to get debt down. We had two surplus budgets, the first surplus budgets, in political terms in a generation. And so there's action we've been taking, making some really tough spending decisions as well, to start to bring that debt and deficit down, because ultimately every taxpayer pays the interest on that money, and so we need to keep managing that as the economy grows.

WRIGHT: Home Affairs Minister Tony Burke we really appreciate your time. We know it’s a big day with parliament going back. Thanks for giving us your morning.

BURKE: Fantastic great to talk to you.