Australia and New Zealand are the firmest of friends, despite a divide over Anthony Albanese's controversial boost to the Capital Gains Tax.

New Zealand’s prime minister has ruled out a capital gains tax in his country, saying it would be a “wrecking ball” for the Kiwi economy as he stood alongside Anthony Albanese.

The prime minister and his Kiwi counterpart have traded light-hearted barbs in Noosa, masking a deep divide over capital gains tax as both leaders face looming domestic battles.

The prime minister and his Kiwi counterpart have traded light-hearted barbs in Noosa, masking a deep divide over capital gains tax as both leaders face looming domestic battles.

Australia and New Zealand are the firmest of friends, despite a divide over Anthony Albanese's controversial boost to the Capital Gains Tax.