regulatory measures. consistent with this, the securitisation dataset shows that a rising share of non - bank lending has been to investors. indeed, there has been at least a five - percentage - point increase in the share of investor loans across all outstanding non - bank deals in the securitisation dataset over the past two - and - a - half years ( graph 8 ). 11 this is in contrast to the share of total bank loans to investors, which has been declining over that period. similarly, the share of non - bank loans that are on an interest - only basis has been stable over the past couple of years, whereas the share of bank loans that are interest - only has declined significantly over the same period. 10 / 16 bis central bankers'speeches the increase in the share of investor housing in deals issued by non - banks is one of the few noticeable changes in the composition of the collateral underpinning rmbs in the past couple of years. indeed, for deals by non - banks the share of loans with riskier characteristics such as high lvrs or self - employed borrowers has been little changed. one of the other changes to loan pools in new deals is a fall in seasoning ( i. e. the age of loans when the deal is launched ). this has been most pronounced for non - banks ( graph 9 ). it is consistent with non - banks writing a lot more loans. hence, warehouses of their loans are reaching desired issuance sizes more quickly. despite the pull - back in rmbs issuance by the major banks over recent years, the broader stock of asset - backed securities ( abs ) on issue increased by around $ 20 billion over the past 18 months, after remaining broadly stable for the previous 5 years ( graph 10 ; in addition to rmbs, abs cover other assets such as car loans and credit card receivables ). demand for these additional asset - backed securities has been driven by non - residents. 11 / 16 bis central bankers'speeches as well as a shift in the composition of investors in abs, we have observed some changes in deal structures over recent years. of particular note, the average number of tranches per deal has increased from around four to eight ( graph 11 ). the increase has been broad - based across different types of issuers. this general trend covers deals with a greater number of tranches with differing levels of subordination, as well as deals where the top tranche

inflation targeting average ; market services excludes holiday travel and telecommunications ; retail goods is consumer durables and groceries excluding fruit & vegetables. sources : abs ; rba. you can see that through 2022 and 2023, most components of the cpi basket were growing faster than usual. inflation in housing and goods prices was particularly high over that period. but over the past 18 months, goods price inflation has declined substantially as supply disruptions associated with the covid - 19 pandemic and war in ukraine have subsided and global demand for goods has eased. inflation for retail goods – consumer durables and groceries – is now close to its historical average. inflation for administered prices – which are at least partly regulated or relate to items for which the public sector is a significant provider – is only a little above its long - run average. the key drivers of elevated inflation at the moment are housing costs and market services inflation, which remain above their average levels and have been easing only gradually. on the housing side, this reflects both construction cost growth and strong increases in rents. year - ended growth in advertised rents is still high, reflecting pressure from a rebound in housing demand and limited supply response. [ 1 ] rents on new leases take time to impact overall cpi rents because only a small share of the stock of rental properties update leases in a given month and so cpi rents inflation is likely to be high for some time ( graph 3 ). new dwelling inflation has declined from its earlier peak as materials costs have eased, but it remains elevated. there is still a large pipeline of work and ongoing labour shortages for certain trades. graph 3 rent prices capital cities, 2019 = 100 index index advertised rents cpi rents sources : abs ; corelogic ; rba. market services is making the largest contribution to above - target inflation. while year - ended inflation has been moderating across most market services – particularly those that are more discretionary, such as eating out and recreational activities – inflation in this category remains high at 5. 3 per cent over the year to the june quarter. we typically think of market services inflation as reflecting overall domestic inflationary pressures – a combination of costs and margins. domestic non - labour costs ( including, for example, electricity, insurance and warehousing and logistics rents ) continue to increase strongly, and labour cost growth is also strong, reflecting both wage increases and weak productivity growth ( graph 4 ). graph 4 change in firms ’ costs ppt ppt non - labour costs * net balance, rb