Four other children, who were the girls’ siblings, were also injured in the blaze.

White Australia, the neo-Nazi group, has been listed as a banned hate group after some members of the disbanded Nationalist Socialist Network remained active under a new name.

Home Affairs Minister Tony Burke said the neo-Nazi Nationalist Socialist Network had re-formed and "phoenixed" into a group known as White Australia.

"Today, the organisation that would be colloquially known as the neo-Nazis, but has gone through different names, the European Australian Movement, the National Socialist Network and White Australia, has been listed as the second prohibited hate group under the changes that were made to the Criminal Code," he told reporters this afternoon.

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"What they did, for a better term, was they phoenixed, changed their name, but didn't change the fact that they were still an organisation and were still engaging in the exact sort of behaviour that met the thresholds for this legislation."

ASIO first advised the government that White Australia had likely met thresholds to be considered a hate group – advocating and engaging in hate crimes – on April 22.

Burke confirmed the group was found to have met all the thresholds of a hate group and said examples of their hateful actions had been widely covered in the media.

"We saw in Melbourne, specific violent action that you all covered…. we've also seen a series of actions of threats, some of which are different arrests that you've reported of people who've been motivated by a white supremacist ideology," he said. 

At a March for Australia protest in Melbourne late last year, some members of the Nationalist Socialist Network stormed the sacred Indigenous Camp Sovereignty site and injured several people.

The assessment process has been completed and, with the opposition's support, White Australia will officially be listed as a hate group at midnight. 

"This means that supporting, funding, training, recruiting, joining, or directing this group constitutes a criminal offence with a maximum penalty of 15 years in prison," Burke said.

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The group has been swept under the government's tough new hate laws that were introduced in January, in the wake of the Bondi attack, to allow Home Affairs to list and ban a hate group. 

White Australia becomes the second group to be listed under the laws, following Hizb ut-Tahrir as the first.

The Nationalist Socialist Network, which was singled out as a concern by ASIO chief Mike Burgess last year, had disbanded before the laws came into effect.

Burke said if the group attempts to reform under a different name, the process to list them as a hate group would be much simpler.

"Effectively, it's a simple regulation change. We don't need to start the process from the start again," he said. 

Burke said while the measures would not stop hateful ideologies and groups from forming, they would prevent groups from organising.

"It sends a clear message to people who believe in racial supremacy that their views have no place in modern Australia," he said.

"We're a country who judges you on who you are, not where you're from.

"The neo-Nazis have gone after almost every different group you can imagine, whether people are Jewish, whether they're Muslim, whether people are of Asian heritage, whether they're First Nations."

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Two people were taken to hospital in a critical condition.

Two people have been found dead at a home near Hobart.

Emergency services were called to a home in Campania, 30 km north of Hobart, shortly after 10am, where the man and woman were found dead by paramedics, Detective Inspector David Gill said.

"Our initial investigations indicate the incident was contained to the residence, and at this stage police do not believe anyone else was involved," he said.

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"A crime scene has been declared and there is no evidence of any ongoing threat to the community."

"Crime scene investigators and forensic services remain at the scene conducting inquiries."

Anyone with information about the incident, who has not already spoken to police, is asked to call 131 444 and quote ESCAD 114-15052026.

More to come.

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Five people have died on a scuba diving excursion in the Maldives, Italy's foreign ministry has announced.

The five people, who were all Italian nationals, were scuba diving off Vaavu Atoll, the ministry said in a statement.

"The divers are reported to have died while attempting to explore caves at a depth of 50 metres," the statement read.

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"The reconstruction of the incident is still underway by the Maldivian authorities."

The Maldives defence force said in a statement that one body had been found in a cave 60 metres below the ocean's surface.

The other four bodies were also believed to be in the cave, with a "high risk" search operation underway.

The group was reported missing by the crew of the boat they had ridden out on when they failed to surface.

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The University of Genoa identified four of the victims on social media.

"The University of Genoa expresses its deepest condolences for the sudden and tragic passing of Monica Montefalcone, her daughter Giorgia Sommacal, Muriel Oddenino, and Federico Gualtieri," the institution's X account said.

Montefalcone was an associate professor of ecology at the university and a marine biology expert.

Oddenino was a research assistant at the same university, while Gualtieri was a recent graduate.

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The friendly tax exemption which still allows newly-built homes to be negatively geared may be a "trap" for inexperienced investors, a property expert has explained.

While negative gearing will be abolished from July next year for established properties bought after the 2026 Federal Budget, investors who purchase brand-new homes can still offset any net losses from their yearly taxable income.

This could inspire new investors to buy into sprawling apartment developments or house-and-land packages on the outskirts of major cities – but these types of properties historically "underperform" as investments.

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Property investment guru and Your Empire chief executive Chris Gray said the federal government's new build exemption may "screw investors" who buy solely based on their freedom to apply negative gearing.

"These massive towers in Docklands in Melbourne or Zetland in Sydney, or the thousands and thousands of blocks of land where all the properties are the same, there is not necessarily lots of natural demand and typically they don't grow in value," Gray told Nine.com.au.

"It's basic economics. If something's in short supply and lots of people want it, the price goes up. Where you've got lots of supply, it won't."

First-time Australian investors who weren't lucky enough to buy before 7.30pm on budget night now have two choices: buy a newly-built home for the negative gearing benefit, or lose the tax break and buy an existing property.

Gray, who has 30 years of experience buying and selling property, said seasoned investors will know to give new builds a wide berth.

He would still choose the option of buying a second-hand home in a high demand area, despite the chance it won't be positively geared for at least a decade.

Some inexperienced buyers, however, could still be fooled by something called "manufactured capital growth".

And it could take years before the reality of their bad investment sinks in.

"Developers might sell 20 at a time and slowly release them. They sell the first lot at say $500,000 and the next one at $525,000 and then $550,000," Gray added.

"Everyone thinks that it's rising, but it's not.

"It's not until you get someone selling it to another person in maybe five years' time that you actually realise, potentially, the property hasn't grown in value at all."

The grandfathering policy, which allows the previous generation of landlords to enjoy negative gearing, will establish a wealth divide between older and younger investors.

Property experts previously criticised this decision as an "enormous injustice" to younger buyers who are still saving for a property.

The same younger investors will also be competing with foreign buyers in the new build market.

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The federal government extended its ban on foreign purchases of established homes until 2029 in this year's budget.

This could mean an influx of investors buying into this market artificially inflate prices, even pushing buyers into negative equity.

"If you get a whole bunch of people going out west to buy these house and land packages, it almost creates a false demand for it," he added.

"Where property was, say, a million dollars, now because you're getting the negative gearing, it might jump up to be a $1.025 million or $1.05 million.

"In the end, it's actually not a realistic benefit."

This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances and seek advice from a broker or adviser before acting.

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