December 2020 quarter CPI figures released

The Australian Bureau of Statistics released the Consumer Price Index figures for the December 2020 quarter today (for the period 1 October 2020 to 31 December 2020).

Both landlords and tenants may wish to:

• check their leases to see whether a CPI rent review is due using the December quarter CPI; and
• if a rent review is due, apply the correct Index number for that review.

We highlight the key areas of interest for landlords and tenants. 

Key areas of interest

ALL GROUPS - BRISBANE

The new All Groups Index number for Brisbane for the December 2020 quarter is 117.5. The Index number for the December 2019 quarter was 116.3 so the new Index number represents an increase of 1.0% over the corresponding quarter for the previous year.

ALL GROUPS – PERTH

The new All Groups Index number for Perth for the December 2020 quarter is 113.0. The Index number for the December 2019 quarter was 113.1 so the new Index number represents a decrease of -0.1% over the corresponding quarter for the previous year.

ALL GROUPS – WEIGHTED AVERAGE OF EIGHT CAPITAL CITIES

The new All Groups weighted average Index number for the eight capital cities for the December 2020 quarter is 117.2. The weighted average Index number for the December 2019 quarter was 116.2 so the new Index number represents an increase of 0.9% over the corresponding quarter for the previous year.

ALL GROUPS – CAPITAL CITIES COMPARISON

At the All Groups level, Perth recorded the only decrease (0.1%) and Melbourne recorded the largest increase (1.3%). All other cities had minimal increases, ranging from 0.8% increase (Sydney and Hobart) to 1.1% increase (Canberra).  

A summary of the percentage changes for the capital cities is listed below:

A detailed breakdown of CPI figures is available at the Australian Bureau of Statistics website.

For more information about applying CPI figures to your leases, please contact our Commercial Property and Retail Leasing team.