New figures have revealed Australian taxpayers will spend a quarter of a trillion dollars on a controversial tax break for the top one per cent, amid speculation the government will overhaul the policy.

Parliamentary Budget Office analysis commissioned by a Senate inquiry into the 50 per cent capital gains tax (CGT) discount found the concession will cost the federal budget $247 billion over the next 10 years – up from $21 billion this financial year.

The figure is more than the $205 billion the discount has cost since it was introduced in 1999 by the Howard government under then-treasurer Peter Costello. 

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The analysis also found the CGT discount is "highly skewed" towards higher-income earners, with Australia's top 10 per cent of earners accounting for about 82 per cent of the total benefit from the policy.

Within that bracket, the top one per cent benefited from almost 60 per cent of the savings.

Greens senator Nick McKim, who is leading the inquiry, claimed the CGT discount is driving up house prices and making ownership even more difficult for renters.

"The evidence keeps piling up against the most unfair tax rort in the country. Every time you crunch the numbers, it just gets worse," he said.

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"The capital gains tax discount has blown out into a quarter-trillion-dollar joke that overwhelmingly favours the super-wealthy, who have had it far too good for far too long.

"Labor cannot keep talking about a fair go for workers and fixing intergenerational inequality while defending the most unfair tax break on the books."

Speculation is growing about whether the government will overhaul the CGT discount for investment properties as the centrepiece of the May 12 federal budget, as more Australians are priced out of the housing market and some groups back scaling back the reductions.

The Senate inquiry has received dozens of submissions, including one from NSW Treasury calling for reform due to the damaging effect it has had on housing affordability and home ownership.

READ MORE: Thousands of pub goers risk being ripped off with drink sizes, report says

The Australian Financial Review has reported the federal government is considering significant tax reform ahead of the federal budget in May, a claim that senior Labor figures have not categorically ruled out this week.

Treasurer Jim Chalmers has said the government is focused on tackling intergenerational inequality.

The Albanese government had previously steered clear of making changes to tax concessions for investment property owners, with Labor having lost the 2019 election after campaigning for a reduction to the CGT discount and negative gearing.

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Thousands of Australian pub goers risk being ripped off at the bar over the size of their drinks, a new government report found.

Results from the National Measurement Institute (NMI) show 30 per cent of licensed premises visited by undercover inspectors were not serving customers what they paid for.

Officials went to 436 venues across Australia last October for "secret shopper" trial purchases to check the size of every pot, schooner, middie, pint, nip, shot and glass poured was correct when sold by measurement.

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The results of the inspections led to 130 non-compliance notices being issued, mostly for the wrong glasses and also spillage.

But overall, the NMI report says the vast majority of pubs – seven in 10 – were serving correct drink sizes to their patrons.

"The results show good compliance overall, with 84 per cent of measuring instruments accurate and 68 per cent of trial purchases delivering the correct amount," the report.

The major shortcomings at non-compliant venues were inaccurate or unverified instruments, unapproved glassware or simple measures and pillage during pouring, meaning customers got less than they paid for.

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Australian Hotels Association national chief executive Stephen Ferguson said the industry group recognised there were issues over non-compliance notices to "some venues regarding short pours".

"The aim of every venue is to ensure our patrons receive the accurate amount for their beer or spirit – and pubs are working hard to do just that," he said.

"Unfortunately, issues sometimes arise due to incorrect measuring devices and spillage – especially when things are busy at the bar.

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"We are working with our membership to ensure we fix any short comings to ensure all patrons receive exactly what they have paid for."

Sydney publican Brian McGettigan says the findings show some industry "rogue operators" were ripping off customers.

"The hotels industry by and far does an amazing job for customers and ensuring the training is right and the pints and the schooners and the wines are all poured correctly," he told Today this morning.

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The family of two girls who have died in hospital following a house fire in Townsville in North Queensland on the weekend say there are no words to describe the pain of losing them.

Evie, 13 and Hallie, two, were pulled from the burning two-storey home on Gum Court in Bushland Beach by first responders early on Sunday morning.

The girls were taken to Townsville University Hospital in a critical condition, where they died yesterday from their injuries.

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A statement released by the girls' family said they were devastated to confirm the girls had "passed away, surrounded by loved ones".

"There are no words to describe the pain being experienced by the girls' parents, Karah and Zac," the statement said.

"Both parents would like to thank friends, extended family and the wider community for the care, compassion and support shown during this incredibly difficult time.

"As the family grieves and supports their other children and loved ones, they kindly ask that their privacy is respected.

"Thank you for your understanding and kindness."

A fundraising page has been set up to support the girls' mother Karah, a nurse and single mother-of-four.

Two teenage boys were able to escape the fire.

The investigation into the circumstances of the fire is ongoing, but it is being treated as non-suspicious.

Anybody with informaton is urged to contact police.

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Parts of Australia that recorded temperatures of 50 degrees are forecast to soon receive a drenching, with storms and rain likely to impact every state and territory in the coming days.

This week, huge amounts of moisture have been building over northern and central Australia, reports weather channel Weatherzone.

Forecasters say it will trigger wet and stormy weather over the entire country during the weekend and possibly into next week, with flooding likely in some areas.

READ MORE: Thousands of pub goers risk being ripped off with drink sizes, report says

Parts of northern and central Australia could record weekly rainfall totals of 100mm, while some areas might receive several hundred millimetres.

They include communities that sweated through temperatures over 40 degrees only a few days ago.

The South Australian town of Marree, where the mercury soared to 49.8 degrees last Thursday, could be soaked by 50mm to 100mm of rain by tomorrow.

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This downpour raises the chance of flooding and may cut off roads in central Australia.

The wet weather system may also raise a tropical low over Western Australia and the Northern Territory to tropical cyclone level, warns the Bureau of Meteorology.

Today the lower pressure system is forecast to move off the Kimberley coast in northern WA, and strengthen over the weekend as it tracks west.

The bureau is warning gales of up to 120km/h are possible for some coastal parts from late tomorrow.

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