James Glenday, Host: Minister, welcome back to our program. Nice to see you.
Penny Wong, Foreign Minister: Good morning.
Glenday: There's a bit I wanted to get through, including an important visit by the Japanese Prime Minister today. But can I just take you to this breaking news by Donald Trump. What's your reaction to this idea that the United States is going to begin escorting ships out of the Strait?
Foreign Minister: We all want the Strait open. That's what global energy markets need, that's what the Australian consumer needs. So, we do want the Strait opened and oil to flow through the Strait as it was prior to the conflict. However, what I'd say on this, obviously the US has made its intentions clear. We are engaging with the United Kingdom, France and the US on keeping the Strait open or making sure the Strait is opened. Those diplomatic eForts continue. What I would say is that we all have an interest in this being resolved. We know this has affected Australians at the petrol bowser, it's affected our economy and it's made our need to source fuel from elsewhere imperative, which is obviously why we have been, I was in North Asia last week in Korea, Japan and China.
Glenday: I'm putting you in a tricky position because this is just happening as we are going to air. Has the US had any discussions with you about a mission like this to escort ships out?
Foreign Minister: We've certainly been engaging with the US and others about eForts to open the Straits and to keep the Straits open. But obviously details of this will become clearer over the coming days.
Glenday: And just on this, last one, the US President appears to be softening his language around the talks with Iran. You're privy to a lot of information that the rest of us aren't. Do you have any idea where those peace talks are up to?
Foreign Minister: Look, what we all want is Iran to agree to a resolution of this and that resolution must include the Strait being opened. That is what we want. We want those negotiations to succeed because that is in the interests of Australians and the global economy.
Glenday: Alright, Japan's Prime Minister is visiting Australia this week. There are some experts who argue that we haven't put enough emphasis on the relationship with Japan in the past couple of decades. What sort of things are going to be on the agenda today when the Japanese Prime Minister meets Anthony Albanese?
Foreign Minister: It was an honour to welcome Prime Minister Takaichi to Australia last night. This is a very important visit. It's the first visit by a Japanese Prime Minister in many years and it's a very important visit because, for a number of reasons, one is this is the 50th anniversary of our first basic treaty with Japan. And over that period our relationship has grown in strength to strength. Japan is our Special Strategic Partner. They're a very important partner for Australia. They're a partner with whom we work economically, they're a partner with whom we work diplomatically. We obviously have defence relationship in terms of procurement from Japan. They're a very important partner in the region.
Glenday: There of course, you mentioned Australia has been doing more defence procurement work with Japan. As is often the case, ahead of these visits, various former officials are putting forward their own ideas for what should come out of this trip. One of them on the front page of the Sydney Morning Herald, suggests that Japanese subs could be a fallback if AUKUS doesn't work. Is that something that's even been discussed?
Foreign Minister: Look, we're focused on AUKUS and that's a capability that is important for Australia. It's in our national interest, it's about having a capability that enables us to contribute to both deterrence and assurance. And that is, those are things necessary for peace and stability. So, we're focused on delivering AUKUS.
Glenday: This is outside your portfolio, but what's your general view on negative gearing? Should it be limited now to new properties?
Foreign Minister: My general view, that that's a good way to answer the question. But in terms of the Budget, obviously the Budget's being announced on Budget night. The Prime Minister has made clear, however, that we are very focused on intergenerational equity. And as he said, we want to make sure that younger Australians have the same opportunity to own their home as our generation has had. And so we're very focused on working out how it is that we ensure that we give them a better opportunity.
Glenday: You're a senior member of political tactics within the Albanese Government. Are you expecting changes to negative gearing?
Foreign Minister: Well, that's just another way of asking the same question. The Budget will be released on Budget night.
Glenday: It will. Penny Wong, I do appreciate you joining our program this morning.
Foreign Minister: Good to speak with you.