Treasurer Joe Hockey is seeking "substantial damages" which could potentially top $1 million over a Fairfax Media story he says falsely implied he was corrupt and could be bought.
Lawyers for Mr Hockey have told the Federal Court the Treasurer must be vindicated for damage done to his reputation by the story headlined "Treasurer for sale".
Mr Hockey is seeking aggravated damages in his defamation case against Fairfax over the 2014 story about the North Sydney Forum, a political fundraising organisation in his electorate.
He's taking separate actions against Fairfax publications the Sydney Morning Herald, The Age and The Canberra Times over the article, related posters and tweets.
Defamation payouts are capped at $366,000 per matter under Australian law but aggravated damages can go higher, meaning the theoretical potential for damages across the three matters exceeds $1 million.
No figure has been named, however, and if a decision is made in Mr Hockey's favour the cap is not likely to be reached, with Mr McClintock saying only the SMH matter could see damages at "the top of the range".
The Treasurer claims he was devastated by the story and that it was part of a relentless campaign against him by Fairfax.
Fairfax has defended its story, saying it was reasonable and did not imply Mr Hockey was corrupt.
Both sides are now waiting for a ruling after the six-day Federal Court hearing in Sydney ended on Tuesday.
Summing up the treasurer's case, barrister Bruce McClintock SC claimed Fairfax had continued a campaign against Mr Hockey during the hearing with cross-examination about the NSF that was "a deliberate attempt by them to smear my client".
The conduct of the case was "a classic case of malice", he told the court, and grounds for aggravated damages.
The court heard the NSF offers attendance at lunches and VIP functions with the treasurer to people who pay membership fees of up to $22,000, and that those fees are donations to the Liberal Party.
Mr Hockey says his reputation was damaged by the story which contained false imputations, including that he accepted bribes paid to influence his decisions and that he corruptly sold privileged access to a select group of Liberal Party donors.
"The element of vindication is very important in this case and it requires substantial damages," Mr McClintock told the court.
Mr McClintock said Justice Richard White should reject the suggestion of Fairfax's lawyers that no damages payout was needed because any judgment in Mr Hockey's favour would be widely publicised.
He said if no damages were awarded, Fairfax could publish an article that said "Hockey wins defamation case, reputation worthless".
Fairfax claims the story did not imply Mr Hockey was corrupt but was focused on the system of political donations.
Justice White has reserved his decision, with no date set for the judgment.
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