Galbally was educated at St Patrick's College in East Melbourne and Melbourne High School. He graduated from the University of Melbourne with a LLB in 1931, during which time he resided at Newman College, and worked many jobs including car salesman and primary school teacher.

He was a good enough Australian footballer to play in the Victorian Football League. Galbally played at the Collingwood Football Club, during one of their strongest eras, having won a record four successive premierships from 1927 to 1930. Under coach Jock McHale and captain Syd Coventry, Galbally played two seasons with the club. He made three appearances in the 1933 VFL season and four in 1934, all wins. During this period he acted as the club's solicitor and was later Collingwood's vice-president from 1951 to 1962.

A member of the ALP since 1933, Galbally defeated Likely McBrien in 1949 for a seat in the Victorian Legislative Council for the electorate of Melbourne North.

Throughout his career he was known to be a social reformer and campaigned against capital punishment. He introduced a private member's bill to ban live trap bird shooting, carried in 1958, despite it being a sport premier Henry Bolte participated in.

Galbally is credited for starting council committee inquiries into the proposed development at the Royal Botanic Gardens and settlement in the Little Desert.

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