High inflation "hurts everyone" but especially those on low and fixed incomes, RBA governor Michele Bullock stressed following a sluggish economic growth report.
Apart from COVID, economic growth is at its the slowest since 1991/92 when Australia was gradually recovering from the 1991 recession.
Suburbs where homeowners hang on to their properties for an average of more than two decades have been listed as Australia's most desirable.
Economists say the slowdown was largely expected and won't persuade the RBA to cut interest rates any time soon.
The answer to Australia’s housing crisis could come in the form of prefab homes, with a growing number of industry bodies and thinktanks giving their support to the radical solution.
Workers in the private sector are still clocking robust pay growth but the pace has been gradually slowing over the past year, reflecting a softening jobs market, according to the latest Australian Bureau of Statistics figures.
Interest rates, labour shortages and investor confidence are contributing to weak building approvals, but there are signs of recovery in detached homes.
A recovery in home building is coming but will take time and is still expected to fall short of the 1.2 million national target.
Clouds are finally starting to part for Australian tenants, with rents in most major cities either falling, stalling or growing at a slower pace. Low vacancy rates have pushed advertised rents higher for several months running but the latest report from real estate platform Domain shows conditions are improving for renters.
New home lending remains far ahead of where it was a year ago despite a minor dip in May for property investors and owner-occupiers. Over the month, the Australian Bureau of Statistics logged a 1.7 per cent fall in all new housing loans, to $28.8 billion, with first-home buyer loans down the most, sinking 2.9 per cent.
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