SARAH ABO, HOST: Welcome back, you're watching Today. The Strait of Hormuz is at a standstill this morning as Australia moves to strengthen our own supply chains.

CHARLES CROUCHER, HOST: The Government is opening an emergency loan program to struggling businesses. For more, we're joined by the Minister for Industry and Innovation Tim Ayres, in Canberra. Minister, good morning. $1 billion for loans, $5 billion for manufacturing investment. Are you satisfied this is enough to ease the pressure on those Aussie businesses because of the cost of fuel?

SENATOR TIM AYRES, MINISTER FOR INDUSTRY AND INNOVATION AND MINISTER FOR SCIENCE: Yeah, it's going to make a big difference for those firms, trucking logistics firms, other firms in the economy who are facing immediate cost pressures, putting cash flow pressure on their business.

This is fast action that will be available from today through firms' existing banks, the big four banks plus two others, the Bank of Queensland and Bendigo Bank. Zero interest loans offered over the course of two years will make a big difference for those firms.

The rest of it is there for investing in energy resilience and energy security across Australian manufacturing.

HOST: It's a huge cost, right, and certainly not something we would want to rely on long‑term, but I suppose that all depends on what happens in the Strait, which no one really knows at this point.

Richard Marles has said that Australia will help safeguard the Strait if it re-opens. In what capacity would we help?

AYRES: Well, Richard, as the Minister for Defence and Deputy Prime Minister will work those issues through with our partners. There has been, over the course of the last two or three days, some very good engagements between that group of countries.

As the PM said, it hasn't gone to operational detail so far, and it's a very fluid, very concerning situation in the Strait of Hormuz again today. We are obviously urging de-escalation. Freedom of navigation is such a vital principle. As your viewers will be able to see, it's not an abstract principle. It matters for Australia that this international law is respected.

HOST: But how will we help though, Tim? Sorry, you must be aware of that?

AYRES: Well, we'll work that through carefully in the Australian interest. Right now, there is, of course, the Wedgetail there in the Gulf in a defensive capacity, supporting our partners and keeping Australians safe.

We'll make those decisions in the national interest at the right time, and we won't be front-running them.

HOST: There's been some change in the polls this morning. Voters have effectively put a cap on where One Nation support goes. For the first time, we've seen One Nation actually fall. Do you think this is a trend; and, if so, what do you attribute that change to?

AYRES: Well, we've been really determined and disciplined about, right through my time in the Parliament, not commenting on poll movements that happen from week to week. And that discipline's because we are determined to be a Government that works every day in the interests of Australians, not getting distracted by polls or by, you know, the commentary, but focused on doing our job. I think that's what Australians want to see from us. They don't want to see me here commenting on polls, they want to see me here on behalf of a Government that's delivering in terms of the current issues around fuel and fuel security, fertiliser for farmers, cost-of-living issues, not commenting on polling results.

HOST: Well, speaking of delivering, Tim, obviously we know there are a lot of Australians and Australian businesses that are out there struggling at the moment. Business leaders are demanding red tape is slashed by 25 per cent. Is that something that might be considered as we approach the budget or perhaps in the budget?

AYRES: Yeah, well we want to see as much reform as can sensibly be achieved to reduce regulatory barriers for business. We want to see good regulation. That's, you know, regulation that improves the lives of consumers and workers, makes sure that businesses are operating on a level playing field.

I won't front run the budget, of course. It'll deal with those issues in the normal way. Australians will hear about the Government's budget details on budget night. But, you know, we're listening closely to stakeholders. It's good seeing the business community up and about engaging directly with the Government but also engaging publicly.

HOST: Minister, we appreciate your time on a chilly morning in Canberra this morning.

HOST: Thank you.

AYRES: It sure is, thank you both.