The Australian Bureau of Statistics released the Consumer Price Index figures for the December 2021 quarter today (for the period 1 October 2021 to 31 December 2021).
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 2021 quarter is 122.6. The Index number for the December 2020 quarter was 117.5 so the new Index number represents an increase of 4.3% over the corresponding quarter for the previous year.
ALL GROUPS – PERTH
The new All Groups Index number for Perth for the December 2021 quarter is 119.4. The Index number for the December 2020 quarter was 113.0 so the new Index number represents an increase of 5.7% 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 2021 quarter is 121.3. The weighted average Index number for the December 2020 quarter was 117.2 so the new Index number represents an increase of 3.5% over the corresponding quarter for the previous year.
ALL GROUPS – CAPITAL CITIES COMPARISON
At the All Groups level, Darwin recorded the largest increase (6.0%) and Melbourne recorded the lowest increase (2.5%). All other cities had reasonable increases, ranging from 3.1% increase (Sydney) to 5.7% increase (Perth).
A summary of the percentage changes for the capital cities is listed below:
| City | Index for December 2020 | Index for December 2021 | Percentage change |
|---|---|---|---|
| Sydney | 118.0 | 121.6 | 3.1% |
| Melbourne | 118.4 | 121.4 | 2.5% |
| Brisbane | 117.5 | 122.6 | 4.3% |
| Adelaide | 116.5 | 120.4 | 3.3% |
| Perth | 113.0 | 119.4 | 5.7% |
| Hobart | 117.6 | 122.9 | 4.5% |
| Darwin | 111.5 | 118.2 | 6.0% |
| Canberra | 116.3 | 120.9 | 4.0% |
A detailed breakdown of CPI figures is available on the Australian Bureau of Statistics website.
For more information about applying CPI figures to your leases, please contact our Commercial and Retail Leasing team.