Put differently, does the model for the Civil Society meet the requirements of the European Society that we envisage? I am sure that you have no need of an explanation of the concept of a Civil Society. Put briefly, a Civil Society is a society built on a large measure of self-control.
Consequently, advertised rents are declining, and the rental inflation component in the CPI, which captures existing rents, is close to zero for Sydney (Graph 9). The vacancy rate in Melbourne has remained low as the substantial increase in new housing supply has been largely absorbed by strong population growth. Hence rental inflation in Melbourne has remained around 2 per cent.