Given the lag property prices and rents experience, this really isn’t the best graph to support your argument. Your graph shows them going up before Labor took power and now flattening again.
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You do realise that when rental vacancy rates fall that means there are fewer rentals available for people? So prices starting to rise under Morrison makes sense.
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The rental vacancy rate was coming down steeply at the end of Scomo & ~1% at handover in May 2022.
If Labor didn't import over a million renters after this date, there would be no rental crisis today.
Labor the first to run it at 1% for a whole term.
If we run it at 5% for a whole term, rents come back down to where they were, before Labor came to power.
Dutton has said he will run immigration in a very similar fashion as Albo is doing, so more pain to come for us renters.
Neutral is around 3%.
Notice Labor has kept it down close to 1% for a whole term.