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).
What is unlikely to go away, however, is the debate over the policy priorities for the years ahead, and what authorities should focus on to lift the country from what increasingly looks like a ‘slow growth trap’. Monetary policy is already part of that debate, and is likely to remain there.