The Australian Bureau of Statistics (ABS) released the Consumer Price Index (CPI) figures for the December 2022 quarter today (for the period 1 October 2022 to 31 December 2022).
Both landlords and tenants may wish to:
- check their leases to see whether a CPI rent review is due using the December 2022 quarter CPI number; and
- if a CPI rent review is due, apply the correct CPI number for that review.
Partner Justin Raiteri highlights 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 2022 quarter is 132.1. The CPI number for the December 2021 quarter was 122.6, so the new CPI number equates to an increase of 7.7% over the corresponding quarter for the previous year.
ALL GROUPS – PERTH
The new All Groups CPI number for Perth for the December 2022 quarter is 129.3. The CPI number for the December 2021 quarter was 119.4, so the new CPI number equates to an increase of 8.3% 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 2022 quarter is 130.8. The weighted average CPI number for the December 2021 quarter was 121.3, so the new CPI number equates to an increase of 7.8% over the corresponding quarter for the previous year. This is the highest annual CPI movement recorded since 1990.
ALL GROUPS – CAPITAL CITIES COMPARISON
In relation to All Groups CPI for each capital city, Adelaide recorded the largest increase (8.6%), followed by Perth (8.3%). Darwin and Canberra each recorded the lowest increase (7.1%). The other five capital cities ranged from a 7.6% increase (Sydney) to an 8.0% increase (Melbourne).
A summary of the percentage increases for the eight capital cities is provided below:
| City | CPI for December 2021 | CPI for December 2022 | Percentage increase |
|---|---|---|---|
| Sydney | 121.6 | 130.9 | 7.6% |
| Melbourne | 121.4 | 131.1 | 8.0% |
| Brisbane | 122.6 | 132.1 | 7.7% |
| Adelaide | 120.4 | 130.8 | 8.6% |
| Perth | 119.4 | 129.3 | 8.3% |
| Hobart | 122.9 | 132.4 | 7.7% |
| Darwin | 118.2 | 126.6 | 7.1% |
| Canberra | 120.9 | 129.5 | 7.1% |
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.