That’s a wrap. Thanks for following The Australian Financial Review’s live coverage this Monday, May 5. We will have more for you in our next coverage.

Here are some of the stories we covered today:

• Anthony Albanese confirms he has discussed AUKUS and tariffs with President Donald Trump.
• The vote in the inner-Melbourne seat of Kooyong has tightened, after postal votes heavily favouring the Liberal Party slashed teal MP Monique Ryan’s lead.
• Teal independent MP Kate Chaney says the Liberal Party’s decision to reject Julie Bishop and appoint Scott Morrison as prime minister was the beginning of the end for the Liberal Party.
• Unions will push hardline employers to accept the need for higher wages in the face of a likely six more years of Labor government, with Pilbara miners such as Rio Tinto first in their sights.