Firefighters have spent nearly five hours battling to control a blaze inside one of Victoria's largest power stations.

Fire Rescue Victoria crews were called to the Yallourn Power Station, in the Latrobe Valley, just before midday after a Triple Zero caller reported burning embers in a coal bunker as a result of a lightning strike.

Firefighters arrived to find the fire about 40 metres by 20 metres high.

READ MORE: Police video shows Vince McMahon's 160kmph car crash

About 70 firefighters, 10 firetrucks and two waterbombing aircrafts spent hours trying to contain the blaze, which was deemed under control just before 5pm.

Peter Marshall, from the United Firefighters Union, said earlier he was unsure how firefighters would control the fire.

"What we have here is a critical crisis in the fire service, where firefighters' morale is so depleted, because the government have deserted them," he said on 3AW.

Ambulance Victoria was called as a precaution.

READ MORE: Are Friday night drinks a distant memory? How work-from-home and the four-day work week is hitting CBD cafes and pubs

In a statement, EnergyAustralia confirmed a "severe storm" sparked lightning that hit the Yallourn power station and mine.

"The area was investigated immediately after and embers and hot spot smoulders were identified in the Raw Coal Bunker building," an EnergyAustralia spokesperson said.

"No significant damage has been detected however as per emergency protocols Fire Rescue Victoria and our on-site emergency response team responded.

"No-one has been injured and WorkSafe was also immediately notified following the incident.  

"There has been no impact to generation at Yallourn."

Firefighters will remain on scene to ensure the safety of the area.

The coal-fired power station supplies 22 per cent of Victoria's power.

The site, which has been running for more than 100 years, is due to close in 2028 as part of a $5 billion transformation into a "low-carbon emissions hub" by owners EnergyAustralia.

DOWNLOAD THE 9NEWS APP: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. Available on the Apple App Store and Google Play.

A sinkhole has opened up on a busy street in Sydney CBD, forcing a nearby school to close and leaving businesses without water.

A burst water pipe created the hole at the intersection of College Street and Prince Albert Road near St Mary's Cathedral today. 

Students at St Mary's Cathedral College, which adjoins the church, were sent home for the day.

READ MORE: Man falls two metres down flooded drain as torrential rain lashes Sydney

Sydney Water has been forced to cut off water supply to up to 10 nearby businesses as it works to fix the pipe.

"Sydney Water crews are on site excavating and have isolated the main with a rezone in place so that repairs can commence," a spokesperson said.

"Prince Albert Road is currently closed with diversions in place in order for this critical work to be carried out safely.

"Sydney Water thanks the community for its patience and apologises for the inconvenience."

A Coles truck became stuck in the hole earlier this morning and had to be towed out.

The tyres were damaged, but the driver was able to safely leave once he was helped out of the truck. 

Shark warnings

Heavy rain has prompted a shark warning to beachgoers and swimmers today due to the increased potential for shark attacks in the wake of the heavy rain.

"Heavy rain can change beach and waterway conditions quickly," NSW SharkSmart said in a post on Instagram.

"Freshwater and nutrient-rich run‑off can reduce visibility, affecting water quality and attract baitfish – sometimes increasing shark activity."

https://www.instagram.com/p/DVM5kBvEunZ/?img_index=2

People are urged to avoid swimming in murky or dirty waters, take extra care within 1km of river mouths and harbours, and be cautious around baitfish, diving birds, and dolphins.

There was a rash of shark attacks after a recent series of storms along the NSW coast, one of which resulted in a young boy's death after he was mauled at Vaucluse.

Experts at the time warned storm activity provided cover for bull sharks and lured them closer to shore and even upriver.​ ​

Sydney recovers from flash flooding

It came as heavy rain that totalled 100mm in some parts and flash flooding hit the Sydney region overnight.

Homes were evacuated as the rain inundated streets in Fairfield East and more than 490 calls were made to the SES.

Out of those, 42 led to swiftwater rescues.

Cars were also flooded in shopping centre carparks while roads were cut throughout the metropolitan area.

The rain has eased throughout this morning, with the Bureau of Meteorology cancelling a severe warning for Greater Sydney.

But flood warnings remain in place for much of outback NSW, Queensland, South Australia, and the Northern Territory.

A near-stationary tropical low system hanging over Central Australia continues to pour rain into all four states, with the heavy downpour slowly moving south.

READ MORE: Queenslanders warned to brace for possible 'cyclone sandwich'

Adelaide is next in line for a soaking, with more than 100mm forecast to fall on the city in the coming hours.

Some events in the city have already been cancelled, with flash flooding expected across the metropolitan area.

Rain also continues to bucket down in dust-dry outback Queensland, with the tiny town of Birdsville, 10km from the South Australian border, copping an extremely rare drenching.

Weatherzone reported that in the 24 hours to 9am yesterday, the town received 93.2mm, more than half of its annual average of 161.4mm.

It was also Queensland's second-highest 24-hour rainfall total behind Fall Creek in the decidedly more tropical Cape York Peninsula.

NEVER MISS A STORY: Get your breaking news and exclusive stories first by following us across all platforms.

• Download the 9NEWS App here via Apple and Google Play
• Make 9News your preferred source on Google by ticking this box here
• Sign up to our breaking newsletter here

Jim Chalmers has effectively confirmed Treasury has looked into the impact of limiting one of Australia's most contentious tax breaks for property investors, as speculation continues to build about a significant overhaul of the tax system in this year's federal budget.

Speaking to reporters today, the treasurer was asked whether reports published this morning of his department conducting modelling about how much revenue could be raised by limiting negative gearing to two investment properties were accurate.

"We haven't changed our tax policies," he replied.

BUSINESS: Company behind Australian cultural icon on verge of being sold

"Our tax policies are all about delivering another income tax cut in July this year and another one in July next year…

"It's not unusual this far out from the budget that the Treasury would be considering other options and other next steps.

"But, as always, any further steps along those lines would be a matter for cabinet."

The language is notably similar to that used by Chalmers and Prime Minister Anthony Albanese before the federal government embarked on a promise-breaking but ultimately popular decision in 2024 to revise the stage 3 tax cuts to redirect more of the benefit to lower-income earners.

Negative gearing allows property investors to write off the costs associated with their loss-making rentals as a tax deduction.

FROM THE ARCHIVES: What is negative gearing and why are calls to change it so controversial?

Alongside the capital gains tax (CGT) discount – which the government also hasn't ruled out taking a razor blade to in the May 12 federal budget – the two policies have become a lightning rod amid a growing debate around the generous incentives offered to property investors while young Australians find it increasingly difficult to buy their first homes.

A host of economists, politicians and unions have argued for removing or reducing the tax breaks, saying such a move would make property more affordable and could fund much-needed income tax cuts.

However, others have argued that would do little to address the housing crisis, and instead lead to less supply in the sector.

According to the Property Council, almost 1.3 million Australians use negative gearing. 

A previous analysis of ATO statistics estimated just under 30 per cent of those negatively geared taxpayers had two or more investment properties.

READ MORE: Government not ruling out capital gains discount reform

Figures from the Parliamentary Budget office have shown negative gearing costs the federal government almost $7 billion a year, and the CGT discount for residential properties $5.4 billion, at the same time the budget has fallen into a structural deficit.

Last year's papers forecast the national accounts would be a combined $180 billion in the red between 2025 and 2029.

While Albanese has previously ruled out making changes to negative gearing – the proposal has widely been blamed on Labor's shock 2019 federal election losses – Chalmers has frequently spoken about wanting to address the inequality facing young Australians.

That was a point he reiterated today.

"We are alive, obviously, to the intergenerational issues in the housing market and in the tax system," he said.

The federal opposition has signalled it would fight any effort to roll back the CGT discount or negative gearing, although the government would likely be able to get any proposal through parliament with the support of the Greens.

NEVER MISS A STORY: Get your breaking news and exclusive stories first by following us across all platforms.

• Download the 9NEWS App here via Apple and Google Play
• Make 9News your preferred source on Google by ticking this box here
• Sign up to our breaking newsletter here

Police say the woman entered the Galway St store carrying a metal pole.

Police say one vehicle was impounded and 14 infringement notices issued.

Helen Robinson warns move-on orders could block access to HomeGround services.

A sharp rise in Australians choosing to work-from-home on Fridays is having a ripple effect on businesses in some of Australia's once-booming CBDs.

Pubs, cafes, restaurants and bars in Sydney, Melbourne and Brisbane's city centres are grappling with a steady decline of customers as the weekend looms, owed in part to workers choosing to work remotely.

One shopfront in North Sydney, a major commercial hub, told patrons it would be shutting its doors on Friday because of a lack of foot traffic.

READ MORE: David sold his home for $2 after 'traumatic' new rule forced him out

Restauranteur and cafe owner Joe, who runs multiple businesses in Brisbane's CBD, told nine.com.au that Friday night staff drinks had become a distant memory.

"Once upon a time, Friday afternoon drinks was a real iconic outing, that's now shifted to Thursday, but not in the same volume," Joe said.

"Hospitality operators in and around the CBD, they're severely feeling the pinch.

"I still think there'll be a few more venues that either completely close altogether or start to review Fridays as a standard close at 4pm or 5pm."

Joe's coffee shops are also lagging in sales on the last day of the working week.

Do you have a story? Contact reporter April Glover at our breaking newsletter here

After losing a bid to have it returned, he’s promised his wife chocolates.

Dangerous conditions are expected to hit Adelaide at the city braces for a major soaking after one of its driest summers ever.

A severe weather warning is currently in place for the West Coast, Lower Eyre Peninsula, Eastern Eyre Peninsula, North West Pastoral, and parts of North East Pastoral regions in South Australia.

Thunderstorms are likely for Adelaide and parts of the state from today up until Sunday, when a slow-moving pressure system in central Australia will begin to move towards the east coast.

READ MORE: Parents charged with domestic violence manslaughter of three-year-old son

"Our current expectations that this weather warning here will be quite dynamic and also expand over the weekend, particularly into eastern parts of South Australia and down towards western Victoria," the Bureau of Meteorology's Jonathan How said. 

The system could cause falls of up to 70mm in six hours tomorrow, and 80mm on Sunday.

Isolated totals of up to 150mm to 200mm are also possible.

The Bureau of Meteorology has warned that flash flooding is expected from the intense rain as a large tropical low finally shifts south over the weekend.

The state's south-east is likely to be affected, with flood warnings in place for the capital.

"Sunday night will be the main risk period for Adelaide and south-eastern parts of South Australia," How said.

"Really, depending on where this trough and low-pressure system do sit, we can see Adelaide is on the edge of that heavier rain, but we could see flash flooding developing across the city as we head into Monday morning as well."

READ MORE: Sussan Ley formally resigns from politics after 25 years

https://x.com/BOM_SA/status/2027126968055935356

How said that while the wet weather will be welcome for the dry parts of the state, it will also bring about new challenges.

"With heavy rain, that could lead to flash and river rain flooding and this could create dangerous travel, as well as driving conditions and number of roads and freight and trade lines are already impacted," he said.

"For some parts of the south-east, this rain will be very welcome, particularly through western parts of Victoria and south-eastern parts of South Australia, but that will come with its challenges, including top soil, which may become washed away, as well as generalised flooding right across the region."

How said the conditions will ease from Monday and then clear by Tuesday.

The system will move towards the east coast, affecting parts of Victoria and NSW.

NEVER MISS A STORY: Get your breaking news and exclusive stories first by following us across all platforms.

• Download the 9NEWS App here via Apple and Google Play
• Make 9News your preferred source on Google by ticking this box here
• Sign up to our breaking newsletter here

Some Auckland classes now cram in up to 35 seniors, whereas 20 to 25 is ideal.