Rents to rise as building approvals hit decade low in Australia

According to The Australian Financial Review, building approvals slumped to their lowest level in a decade in January, fuelling the risk of further rental inflation as immigration numbers return to more normal levels.
The number of standalone home approvals dropped 13.5 per cent in January from December to a seasonally adjusted 7664, the lowest monthly total since June 2012, as buyers pulled out of the market in the face of rising interest rates and surging construction costs.

https://www.afr.com/property/residential/rising-costs-rates-send-building-approvals-to-decade-low-20230302-p5covf