6  R E S E R V E B A N K O F AU S T R A L I A  Graph 7  Rental Market Indicators  %  %  CPI rents inflation  9  9  6  6  3  3  0  0  %  %  Rental vacancy rate Inverted scale  1  1  2  2  3  3  4  4  5  1992  1998  2004  2010  2016  2022  5  Sources: ABS; RBA; REIA  Growth and employment The Australian economy appears to have grown solidly over the second half of 2022, as household spending on services remains firm alongside a further pick-up in education and travel services exports (Graph 8).
GDP growth is then expected to slow in early 2023, as the recovery in household spending from pandemic-related restrictions is expected to have mostly run its course. Consumer spending has been supported by past gains in incomes, asset prices and accumulated savings during the pandemic.