The Australian Bureau of Statistics (ABS) released the Consumer Price Index (CPI) figures for the December 2023 quarter today (for the period 1 October 2023 to 31 December 2023).
Both landlords and tenants may wish to:
- check their leases to see whether a CPI rent review is due using the December 2023 quarter CPI number; and
- if a CPI rent review is due, apply the correct CPI 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 CPI number for Brisbane for the December 2023 quarter is 137.7. The CPI number for the December 2022 quarter was 132.1, so the new CPI number equates to an increase of 4.2% over the corresponding quarter for the previous year.
All Groups- Perth
The new All Groups CPI number for Perth for the December 2023 quarter is 134.0. The CPI number for the December 2022 quarter was 129.3, so the new CPI number equates to an increase of 3.6% over the corresponding quarter for the previous year.
All Groups- Weighted average of the eight capital cities
The new All Groups weighted average CPI number for the eight capital cities for the December 2023 quarter is 136.1. The weighted average CPI number for the December 2022 quarter was 130.8, so the new CPI number equates to an increase of 4.1% over the corresponding quarter for the previous year.
All Groups- Capital cities comparison
In relation to All Groups CPI for each capital city, Adelaide recorded the largest increase (4.8%) over the corresponding quarter for the previous year, followed by Brisbane and Sydney (both 4.2%). Hobart recorded the lowest increase (3.3%). The other four capital cities ranged from a 3.6% increase (Perth) to a 3.9% increase (Darwin).
The CPI rose 0.6% this quarter. Over the twelve months to the December 2023 quarter, the CPI rose 4.1%. This marks the fourth consecutive quarter of lower annual inflation.
The most significant price rises this quarter were Tobacco (+7.0%), New dwelling purchase by owner-occupiers (+1.5%), Domestic holiday travel and accommodation (+3.9%) and Medical and hospital services (+1.2%).
A summary of the percentage increases for the eight capital cities is provided below:
| City | CPI for December 2022 | CPI for December 2023 | Percentage increase |
| Sydney | 130.9 | 136.4 | 4.2% |
| Melbourne | 131.1 | 136.1 | 3.8% |
| Brisbane | 132.1 | 137.7 | 4.2% |
| Adelaide | 130.8 | 137.1 | 4.8% |
| Perth | 129.3 | 134.0 | 3.6% |
| Hobart | 132.4 | 136.8 | 3.3% |
| Darwin | 126.6 | 131.5 | 3.9% |
| Canberra | 129.5 | 134.3 | 3.7% |
A detailed breakdown of the 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.