Australian Economy Australian interest rates

The RBA is worried about rental inflation

Thursday 10 September 2026

The latest inflation data from the Australian Bureau of Statistics (ABS) revealed that property rental growth was tracking at 3.6% in the year to July, down from a peak of 7.8%:

However, Cotality’s advertised rents series has risen strongly over the past year, tracking at 5.7% in the year to August across the combined capital cities, amid a tight vacancy rate:

This suggests CPI rents (the ‘stock’ of rentals) could re-accelerate as it catches up with the flow of advertised rents.

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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.