AAP Rolling News Bulletin for June 12 at 0830
SpaceX (NEW YORK CITY)
SpaceX has priced the biggest-ever US initial public offering at $US135 per share, making Elon Musk's rocket and spacecraft manufacturer one of the world's most valuable companies.
The IPO raised a record $US75 billion ($A106 billion) on the sale of 555.56 million shares, valuing the space, satellite and AI provider at $US1.77 trillion ($A2.51 trillion), a record for an initial offering.
Thursday's pricing caps off a months-long effort that realised Musk's most ambitious project yet even as he stood a handful of financial traditions on their head, and as some analysts question whether its lofty valuation is justified.
SpaceX will rank seventh among US-listed firms when its shares begin trading on the Nasdaq on Friday, though it lost money in 2025 and other mega-caps far outpace its revenue. That values the company more highly than firms as varied as JPMorgan Chase, Berkshire Hathaway and Eli Lilly, as well as tech giants such as Meta Platforms and Musk's own Tesla.
Rights (HOBART)
In July 2009, Father Frank Brennan was wrapping up his historic national human rights consultation, a job assigned by Prime Minister Kevin Rudd.
The task was mighty: to investigate whether Australia - the only developed democracy without a bill of rights - needed one, and how it might work.
Across the previous six months, Fr Brennan led roundtables in every state and territory, in cities, in Aboriginal communities, on Torres Strait islands, and even Christmas Island.
Over that time, the Jesuit priest moved from a self-declared fence-sitter to a reform-backer. The final report championed a human rights act.
But in winter 2009, as the group was writing up its 622-page report, he was asked to meet with Mark Arbib, then a NSW senator and factional leader.
Iran (WASHINGTON, D. C.)
US President Donald Trump says he has cancelled strikes against Iran that had been scheduled for later in the evening.
"Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening," Trump wrote in a post on Truth Social.
Trump said "discussions and final points" have been approved by the United States, Israel, Saudi Arabia, UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, Egypt and others.
"The Naval Blockade will remain in full force and effect until this Transaction is finalised - Time and place of the signing to be announced shortly," he said.
NDIS (CANBERRA)
A controversial overhaul of the National Disability Insurance Scheme appears to be on rocky ground after a snap three-day inquiry, during which almost all witnesses criticised the proposed changes.
Government officials have revealed a total of 350,000 people will either be kicked off the scheme or diverted to other programs by 2031, prompting accusations from the opposition the plan is a "cost-shifting" exercise.
The federal government hopes to legislate the reforms with the support of the Liberals and Nationals before parliament rises for the winter break on July 2.
While opposition NDIS spokeswoman Melissa McIntosh has agreed change is needed, she said advocates, states and territories had raised genuine fears about Labor's proposal.
"Throughout the hearings, witnesses have been telling the committee that people will die as a result of these changes. It is our responsibility to listen to their concerns," she said.
Economy (MELBOURNE)
Australians are working longer hours but it's not showing up on the productivity scoreboard as levels tumble to a post-pandemic low.
The Productivity Commission's quarterly bulletin reinforces the scale of the challenge confronting Treasurer Jim Chalmers.
Breaking down Australian Bureau of Statistics data, the report highlights labour productivity fell by 0.6 per cent in the March quarter while hours worked grew by 0.9 per cent.
In the year to the end of March, labour productivity was up a paltry 0.3 per cent compared with 2.2 per cent growth in hours worked.
"Australia's labour productivity growth is going from bad to worse," commission deputy chair Alex Robson wrote.
"The accounting is straightforward: the value of goods and services we produce is increasing, but not by as much as hours worked.
UK Stab (BELFAST)
Two days of anti-immigration violence in Northern Ireland is nothing short of racist thuggery, Britain's minister for the province says, after police deployed water cannon to tackle rioters for a second night.
Hilary Benn said there was less disorder on the streets of Belfast on Wednesday night as opposed to Tuesday, when rioters targeted ethnic minorities and foreign residents by torching homes and vehicles following a knife attack for which a Sudanese man has been charged with attempted murder.
But many of those who did clash with police on Wednesday were seeking to get to a hotel outside Belfast that has been targeted in the past for housing asylum seekers.
Officers used water cannon to drive rioters back and Reuters saw what appeared to be plastic bullets, or baton rounds, on the street.
Police NSW (SYDNEY)
Police in leadership roles are behind the majority of bullying behaviour found to be endemic throughout the NSW police force.
Despite being rampant, bullying, sexual harassment and discrimination within the police force are going largely unreported, a wide-ranging review revealed on Thursday.
Failures of leadership and culture were blamed for allowing these "unacceptable behaviours" to flourish.
The review of thousands of current and former employees found 30 per cent had directly experienced bullying in the past five years, leaving many of them feeling "scared, belittled or humiliated".
Direct managers and supervisors were found to be responsible for the bulk - or 44 per cent - of the alleged bullying.
One anonymous respondent said bullying was as much a part of NSW Police as wearing a uniform.
Federal (CANBERRA)
One Nation is seeking a forensic audit to prove the success of its $2 million fundraising drive as top Liberals reject teaming up with the resurgent conservative party.
After Prime Minister Anthony Albanese raised questions about whether the amount raised was legitimate, a spokesman for One Nation leader Pauline Hanson said the party would bring in analysts to confirm the "fire the liar" campaign's legitimacy.
An independent forensic audit being commissioned would show the fundraising effort was authentic, the spokesman said.
"Why would I call out the liar ... then go and do something like that myself? It would destroy me," Senator Hanson later said at a media event in Western Australia.
Mr Albanese questioned what evidence there was the party had actually raised the funds, and Labor operatives privately suggested One Nation's online donation counter might have been fraudulent.
In finance ...
Southerncross (SYDNEY)
The merger between Australia's biggest TV network and its largest radio station chain has taken less than six months to run into trouble.
Southern Cross Media Group announced on Thursday the television market it entered when it merged with Seven West Media in January had "deteriorated materially more than anticipated" in the June quarter.
As a result, the corporate owner of the Seven Network, Triple M, the Hit Network and the West Australian newspaper is slashing hundreds of jobs, downgrading its guidance and writing off millions of dollars from a burdensome television content contract.
Southern Cross now expects to deliver earnings of $185 to $190 million in 2026/27, compared to its previous forecast of $200 million to $220 million.
"We must reset our cost base to meet current market conditions and capture the full benefits of scale across our trusted platforms for our audiences and advertisers, now and into the future," the company's new chief executive and managing director Rohan Lund said.
SuperRetail (SYDNEY)
Motorheads, outdoor types and fitness fans across Australia are in line for new stores to feed their hobbies, as a major retailer plots a five-year expansion.
Super Retail Group, which owns Supercheap Auto, Rebel, BFC and Macpac, plans to ramp up its bricks-and-mortar footprint as it chases billions of dollars worth of market share across all four brands.
Super Retail has a $4 billion hold on the total auto, outdoor and sporting goods market, which is worth $65 billion.
This meant all four brands had ample room for growth, chief executive Paul Bradshaw said on Thursday.
"For me, you've got to own the categories that you play in and give your customers exactly what they want," he told investors while outlining the group's new growth strategy, dubbed Ignite.
In entertainment ...
Aria (SYDNEY)
Relatives of Australian music royalty say their legendary family member succeeded in his goal of sharing powerful culture with the world.
Gurrumul, the celebrated artist from the Gumatj clan of Elcho Island in Arnhem Land, took his rightful place in the Australian Recording Industry Association Hall of Fame on Thursday night.
The Indigenous icon was already on the honour roll as a member of similarly celebrated band Yothu Yindi, becoming one of a handful to be inducted twice.
His family opened Thursday night's celebration of ARIA's 40th anniversary with an emotional tribute to their late relative, who died aged 46 in 2017 after a battle with kidney and liver disease.
Brother-in-law Don Wininba expanded on his family's pride of Gurrumul helping to take Indigenous music to the world.
Aria (SYDNEY)
Australian music greats are reflecting on their journey to the top of the charts as they take in their immortality.
Six artists - Gurrumul, Jenny Morris, Kate Ceberano, Spiderbait, The Living End, and Vika and Linda Bull - were inducted into the Australian Recording Industry Association Hall of Fame on Thursday night.
ARIA, which typically inducts one artist a year, elevated six to top-tier status on Thursday night as part of its 40th anniversary celebrations.
For Melbourne rockers The Living End, the honour signalled a rare moment to stop thinking about what's next and instead take stock of what the band had achieved in its decades-long career.
"We don't spend a lot of time in the rear view mirror, but this has forced us to do it," frontman Chris Cheney told AAP.
In sport ...
WC26 Aust (OAKLAND)
Australia couldn't be facing Turkey at a better time as pressure and expectations mount ahead of their first World Cup in 24 years.
That's the view of veteran Socceroos defender Milos Degenek, who is more than happy to pile the pressure on the talented young Turks.
As Degenek ramps up the chat off the field, speculation abounds as to whether talented Australia striker Mohamed Toure will feature on it, after missing training on Wednesday (Thursday AEST).
Toure is due to be among 17 World Cup debutants in the Socceroos squad but Degenek, attending his third such tournament, pointed to Australia still having nine more players with experience than their opponents.
"If you look at the Turkey side, they have 26 players who have never experienced a World Cup and we in our squad have nine players that already have," Degenek said.
AFL Bulldogs (MELBOURNE)
Inspirational Adelaide captain Jordan Dawson has produced a masterful performance to power the Crows to a 57-point thumping of the stunned Western Bulldogs.
Starting as outsiders away from home and having lost to the Dogs earlier in the season, Adelaide charged out of the blocks at Marvel Stadium on Thursday night and never looked back.
The match was over by quarter-time as Adelaide piled on 9.2 - just two points shy of their largest ever first term - to lead by 41 points.
The Bulldogs spent the rest of the margin trying to get back in the contest and briefly threatened to get close, but the Crows finished strongly to win 19.7 (121) to 9.10 (64).
Central to Adelaide's dominance was Dawson, who is still grieving the tragic death in April of his brother, Jaryd.
Ends Bulletin
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