Search teams spent hours clearing debris at the rural property in Karori.

The outage hit homes just north of Whitford from 5.43pm this evening.

Many Wellington residents fled flooded homes and slips with little warning.

Carrie Kake helped create Open Arms in 2018, a day shelter for Whangārei rough sleepers.

Pakūranga Bakery now sources horse meat from New Zealand’s only approved processor.

Coca-Cola says the new packaging makes each bottle easier to recycle.

Critics fear repeals of Treaty clauses could trigger fresh court battles.

Any tax reform that slugs property investors could drive up rental prices, the peak body for brokers claims.

Treasurer Jim Chalmers has hinted the government could be preparing to change the capital gains tax (CGT) discount for property investors or limiting the number of houses that can be negatively geared in the upcoming budget.

Critics of the Howard-era policies argue that, when combined, the two policies created a rush in property investor activity, drove up prices beyond the reach of the average first-home buyer and continue to advantage the wealthy.

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Chalmers has had tackling intergenerational inequality in his sights since his maiden speech to parliament in 2013, and any changes to these policies would be aimed at precisely that.

But the Finance Brokers Association of Australia (FBAA) claims forcing investors out of the market now will have the opposite than desired effect, particularly on rental prices.

"In many parts of Australia, there are 10 to 20 people or more looking at one rental property such is the lack of availability now, so why would we reduce that supply even more," interim CEO Peter White said.

"The theory that this will drive down the cost of housing to the extent where someone who can't currently afford to service a mortgage and enter the property market, will suddenly be able to, is overly simplistic and ignores the many other factors in loan approval."

Proponents of reform say removing perks for investors will dampen demand, and give first home-buyers a chance.

Matt Grudnoff, Senior Economist at The Australia Institute, believes tax concessions for property investors have skewed the market.

"The CGT discount is the biggest single incentive for investors," Grudnoff said.

"By scrapping it, the federal government will advantage first home buyers, helping more Australians into a home of their own."

Currently, the capital gains discount policy means that if you buy an asset such as a house, hold it for at least 12 months and then sell it, you only pay tax on half the profit (capital gain).

Before 1999, the actual capital gain was indexed to inflation.

Recent polling by the Australia Institute found 50 per cent of respondents agreed the government "should reduce tax concessions for property investors, such as the capital gains tax discount and negative gearing".

In March, two Labor senators endorsed a parliamentary inquiry's report which found the discount's design benefits investors over first-home buyers, and can drive intergenerational inequality.

The Greens want to see negative gearing phased out and property-related capital gains tax discounts and exemptions abolished.

The Coalition is firmly against any changes to CGT.

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Dairy co-operative Norco has announced it will raise its farmgate milk price by five cents per litre in response to war-related rises in fuel, fertiliser and freight costs.

Norco says the price rise from next month will add about 30 cents per week to the average family grocery shop and is crucial to offset sharp increases in costs for their farmers across northern New South Wales and south-east Queensland.

The farmgate milk price, which is the amount dairy producers pay farmers for milk, would lift to 97 cents per litre on average.

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Norco full cream milk currently retails at supermarkets for between $2.20 to $2.90 per litre.

"These cost increases are unprecedented," Norco Chief Executive Michael Hampson said.

"Our farmers are paying double for diesel, triple for fertiliser and 40 per cent more for freight.

"These pressures are simply unsustainable without meaningful support across the supply chain – and this price increase is a small but important step in helping to offset those pressures."

Hampson said the rise was not about increasing profits for farmers.

"Right now, farmers critically need these increases to remain viable and protect their livelihoods – that's the sheer reality of the situation," he said.

"This is not about increasing margins – it's about ensuring the sustainability of our farmers and the future of the Australian dairy industry."

The price rise comes as the wider dairy sector asks Coles and Woolworths to raise the price of their generic own-brand milk to help farmers cover costs.

eastAUSmilk president Tim Bale told nine.com.au earlier this month the cost of urea, a common nitrogen fertiliser, had more than doubled.

"Farmers will cut back production or exit the industry over the coming months if something isn't done immediately," Bale said.

Hampson said further price rises may be necessary as cost pressures continue to build.

Winter planting of feed crops is exposed to the same global pressures and any shortage could lead to increased prices for dairy farmers toward the end of the year, he said.

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