Good summary on housing conditions too:
"This slowdown in the pace of borrowing by households had been accompanied by a cooling in the established housing market, with measures of nationwide housing prices down slightly over recent months and auction clearance rates closer to average than in the early part of the year. Members observed that cooling in the market and the slowing in borrowing was a welcome development given the significant longer-term run-up in prices and household debt. They observed that there were some signs that the rental market was tightening again, with vacancy rates in some states declining from levels that were already quite low. The tightness in the rental market was likely to persist given the ongoing strong population growth and the decline in housing approvals this year, and could be expected to feed into increases in rents. Approvals for construction of apartments remained at low levels in most states, with Victoria a clear exception."
