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Social housing investment must be accompanied by stronger tenant rights to tackle the crisis and ease pressure on the private rental sector, advocates say.

A parliamentary inquiry into Australia's worsening rental problem is holding a public hearing in Canberra on Wednesday.

State and territories agreed to reforms at a national cabinet meeting this month, including a limit on rent increases to once a year and creating minimum rental standards.

In a submission to the inquiry, a coalition of the nation's peak tenant and homelessness bodies urge governments to consider the many "interacting parts" involved.

"Substantial investment in social housing is required from both federal and state governments alongside rental reforms," it reads.

"Unaffordable, inadequate housing in the private rental sector puts greater pressure and cost on the social housing and homelessness system."

Greens housing spokesman Max Chandler-Mather said Australian renters were treated as "second class citizens".

"Freezes and caps on rental increases work for renters," he told AAP.

"With Germany now planning on freezing rents for three years, the prime minister should take note of what national leadership looks like and finally work with the states and territories at national cabinet to freeze and cap rent increases."

There are eight million tenants in Australia, with 67 per cent of people owning their own homes.

ACT Attorney-General Shane Rattenbury wrote in a submission his government had embarked on a "significant, progressive tenancy law reform agenda" to make the law "clearer and fairer".

This includes legislation limiting excessive rent rises, banning rent bidding and ending "no cause" evictions.

Analysis of data shows the ACT is the second most affordable jurisdiction in which to rent a home.

Rents for houses in Canberra have decreased by four per cent in the last 12 months, making it the only jurisdiction nationwide where rents have gone down. But rents for units increased by 0.6 per cent in the last 12 months, the lowest growth across Australia.

The Real Estate Institute of Australia made 10 recommendations, and backed the Albanese government's $10 billion Housing Australia Future Fund, which does not have the support needed to pass the Senate.

The real estate body also suggested developing incentives to bring vacant properties and short-stay rentals back into the long-term market.

An interim report will be produced by late September.

© AAP 2023

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Stretched Australian households will be hoping to see the cost of living ease when official figures are released.

Inflation is still rising but has been coming off its 8.4 per cent peak in December, with the monthly consumer price index weakening a little more in June.

After growing by 5.5 per cent in May, the index released by the Australian Bureau of Statistics fell to 5.4 per cent in the 12 months to June.

The monthly index is considered more volatile than its quarterly counterpart and is less comprehensive, with some price data only available quarterly.

The July data, due to be released on Wednesday, will play into the Reserve Bank's upcoming interest rate decision.

The central bank has been jacking up interest rates in response to fast-rising inflation but has left the cash rate on hold for two consecutive months.

But the RBA has kept further increases on the table, and signs of persistent inflationary pressures will add to the case for more tightening in coming months.

In a note, Westpac economists flagged electricity as a key source of uncertainty over the next few months.

State energy rebates and the timing of bill increases were singled out as two key risks complicating the likely trajectory for inflation in the September quarter.

New construction work done and building approvals data will also be released on Wednesday and reveal any activity under way in the key sector.

The sector, which is tipped to endure a slowdown in new building projects as the economy slows, is expected to bear the brunt of a weakening jobs market.

Deloitte Access Economics expects the unemployment rate to increase to 4.5 per cent by mid-2024, with the group expecting blue collar workers - dominated by the construction sector - to be hit hardest by the slowdown.

Analysis by the firm points to a 0.5 per cent decline in the blue collar workforce in 2023/24, which would amount to 18,800 workers.

Pockets of strong employment growth are expected in other industries, including the human services workforce which is expected to swell by 2.3 per cent in 2023/24.

© AAP 2023

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Australia's big lenders have been urged to support financially stretched customers as cost of living pressures take a toll.

The Australian Securities and Investments Commission has sent an open letter to 30 of the nation's largest lenders to remind them to help struggling customers appropriately.

The letter, which was sent to the big four banks and many others, pointed to mounting evidence of financial distress and hardship.

A slew of surveys have indicated high levels of consumer stress and the National Debt Hotline has reported a 28 per cent increase in calls compared to 12 months earlier.

ASIC commissioner Danielle Press said the economic environment had shifted over the past year and it was putting households under pressure.

"ASIC reminds lenders that they must have the right arrangements in place to respond to requests for assistance from customers experiencing financial hardship and to work constructively with them to find a sustainable solution," she said.

The regulator called on banks to proactively communicate with customers about how they can seek assistance and find tailored solutions for those struggling.

ASIC has started reviewing the financial hardship response of the 10 large home lenders and the results will be released next year.

The pressure felt by Australians at the checkout will be on display when the Australian Bureau of Statistics releases its monthly inflation data on Wednesday.

Markets are expecting a 5.2 per cent annual lift in inflation, which would mark a further softening from 5.4 per cent in the 12 months to June.

While this would be well below the 8.4 per cent peak in December, it would still be much higher than the Reserve Bank's two-three per cent target range for inflation.

The central bank has been jacking up interest rates in response to fast-rising inflation but has left the cash rate on hold for two consecutive months.

But the RBA has kept further increases on the table and signs of persistent inflationary pressures will add to the case for more tightening in coming months.

In a speech on Tuesday, RBA deputy governor Michele Bullock gave little away about the short-term trajectory for interest rates.

"All I can say is we might have to raise interest rates again, but we're watching the data very carefully," she said.

New construction work done and building approvals data will also be released on Wednesday.

© AAP 2023

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Apple says it will host its northern hemisphere autumn event on September 12, setting the stage for what analysts believe will be the unveiling of a new line of iPhones and smartwatches.

The US event will be hosted at the Steve Jobs Theater at its headquarters in Cupertino, California, according to invitations from the world's most valuable company.

Wall Street analysts have said Apple will try to entice shoppers with a range of new features for its flagship device, as the launch comes against the backdrop of a slump in smartphone demand globally.

Apple posted a 2.4 per cent decline in iPhone sales for its fiscal third quarter - a rare drop for the product that has for years powered the company's growth.

The most expensive variant of the new generation iPhone will have a periscope camera that could improve zoom capacity by five times or more, according to TF International Securities analyst Ming-Chi Kuo.

The expected watch line-up may feature a new processor based on Apple's A15 Bionic chip, already used in previous iPhone models, and will boost performance, according to a Bloomberg News report.

© RAW 2023