This is information which is embedded within the inflation data.
Here I've run a chart of rolling 12 monthly rent increases over more than 40 years (click chart):
It's a cognitive or psychological bias that consumers don't expect prices to fall.
It's actually very tough to generalise on a national basis.
Rent versus buy?
Don't get me wrong, by the way, I'm not against renting. Far from it, in fact.
This is particularly so for dual income and higher earning households due to the low yields on higher-end property.
Other countries sometimes don't even have that, leaving many in the unenviable position of having no house, no investments and no pension.
I don't know if there's an existing acronym for that - perhaps there should be.
By Q1 1988 rents were increasing even more rapidly at an eye-watering annualised pace of above 11%.
I note that some would choose to re-present this chart adjusted for inflation (CPI), but since rent is itself a component of inflation, then this is perhaps something of a curiously circular approach.
In any event, renters don't readily adjust their rental increases for a notional CPI figure - rather they tend to just look disdainfully at the nominal annual increases.
According to the HIA, in nominal terms "rents rose by 37% across Australia and by 57% in Sydney" during the period in question.
It's also an obvious over-simplification to state that governments will save billions of dollars by simply scrapping the existing rules.
What do you think? Ping me: firstname.lastname@example.org