That’s a wrap. Thanks for following The Australian Financial Review’s live news coverage this Thursday, June 12, 2025. We will have more in Friday’s live news coverage.

Here are some of the stories we covered today:

• Marles seeks to play down impact of AUKUS review | Deputy Prime Minister Richard Marles has sought to downplay the potential impact of the United States’ review into the AUKUS trilateral defence pact, amid fears it could jeopardise Australia’s single biggest military deal.
• Review likely triggered by defence spending spat | Both former Australia’s former ambassador to the US Joe Hockey and Shadow Defence Minister Angus Taylor questioned whether a disagreement between the two nations over defence spending was the catalyst for an AUKUS review, which former prime minister Paul Keating said could mark the moment Washington may “save Australia from itself”.
• ‘No corruption’ in Brittany Higgins’ $2.4m payout | The federal anti-corruption watchdog has found that a $2.4 million compensation payout made to former Liberal staffer Brittany Higgins had “no corruption issue”.
• Minns confirms talks under way to save Tomago smelter | NSW Premier Chris Minns has confirmed that the state and federal governments are in talks about the future of the Tomago smelter, which needs billions of dollars in support, as The Australian Financial Review revealed last week.
• Tasmanian election latest threat to new AFL team | Psephologist Kevin Bonham says it will be difficult for either the Liberals or Labor to form majority government when the Tasmanians vote next month, potentially putting at risk a future Tasmania Devils AFL team.