The Australian Bureau of Statistics (ABS) released the Consumer Price Index (CPI) figures for the June 2024 quarter today (for the period 1 April 2024 to 30 June 2024).
Both landlords and tenants may wish to:
- check their leases to see whether a CPI rent review is due using the June 2024 quarter CPI number; and
- if a CPI rent review is due, apply the correct CPI number for that review.
In this article 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 June 2024 quarter is 140.6. The CPI number for the June 2023 quarter was 136.0, so the new CPI number equates to an increase of 3.4%over the corresponding quarter for the previous year.
All Groups - Perth
The new All Groups CPI number for Perth for the June 2024 quarter is 137.6. The CPI number for the June 2023 quarter was 131.5, so the new CPI number equates to an increase of 4.6% 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 June 2024 quarter is 138.8. The weighted average CPI number for the June 2023 quarter was 133.7, so the new CPI number equates to an increase of 3.8% over the corresponding quarter for the previous year.
All groups - Capital cities comparison
In relation to All Groups CPI for each capital city, Perth recorded the largest increase (4.6%) over the corresponding quarter for the previous year, followed by Adelaide (4.5%) and Sydney (3.8%). Hobart recorded the lowest increase (2.7%). The other four capital cities ranged from a 3.0% increase (Darwin) to a 3.7% increase (Melbourne).
The CPI rose 1.0% this quarter. Over the twelve months to the June 2024 quarter, the CPI rose 3.8%.
The most significant price rises this quarter were Housing (+1.1%), Food and non-alcoholic beverages (+1.2%), Clothing and footwear (+3.1%) and Alcohol and tobacco (+1.5%).
A summary of the percentage increases for the eight capital cities is provided below:
| City | CPI for June 2023 | CPI for June 2024 | Percentage increase |
| Sydney | 134.0 | 139.1 | 3.8% |
| Melbourne | 133.5 | 138.4 | 3.7% |
| Brisbane | 136.0 | 140.6 | 3.4% |
| Adelaide | 133.9 | 139.9 | 4.5% |
| Perth | 131.5 | 137.6 | 4.6% |
| Hobart | 134.6 | 138.3 | 2.7% |
| Darwin | 129.7 | 133.6 | 3.0% |
| Canberra | 132.7 | 136.8 | 3.1% |
A detailed breakdown of the CPI figures is available on the Australian Bureau of Statistics website.