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Wednesday’s CPI Inflation report from the Australian Bureau of Statistics (ABS) reported that Australian residential rents grew by 2.2% over the September quarter to be 7.6% higher year-on-year:
Rents would have risen by 2.5% over the quarter if not for changes to Commonwealth Rental Assistance (CRA), which increased rent assistance by 15% and assists around 1 million households.
The next ABS chart shows that rental inflation is especially strong in Brisbane (9.5%) and Sydney (8.6%):
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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