That’s a wrap. Thanks for following the AFR’s live coverage this Tuesday, June 3. Join us again next time for more live news coverage.

Here are some of today’s top stories:

• Minimum wage to rise above inflation: The Fair Work Commission has awarded an increase of 3.5 per cent to up 2.6 million workers on minimum award rates to allow for low-paid workers to catch up on real wage cuts suffered during the pandemic.
• Wage rise good for workers, and the economy, says Chalmers: “We know people are still under pressure and that’s why this decision and our ongoing cost-of-living relief are so important,” he said.
• ‘Principles-led’ approach necessary on AI’s jobs impact: Science and Industry Minister Tim Ayres would not be drawn on how he plans to draft Australia’s AI laws. Ayres has inherited responsibility for AI regulation after usurping Ed Husic in Prime Minister Anthony Albanese’s cabinet.
• ‘Good on them’: PM unmoved by big boost in UK defence budget: Anthony Albanese is refusing to be pushed by the United States or others to lift defence spending to 3.5 per cent of GDP, saying Australia is a sovereign nation that would determine its own policy and not jump to the whims of others.