The Australian Bureau of Statistics released the Consumer Price Index figures for the March 2017 quarter today (for the period 1 January 2017 to 31 March 2017).
Both landlords and tenants may wish to:
- check their leases to see whether a CPI rent review is due using the March 2017 quarter CPI; and
- if a rent review is due, apply the correct Index number for that review.
Key areas of interest
All Groups - Brisbane
The new All Groups Index number for Brisbane for the March 2017 quarter is 110.5. The Index number for the March 2016 quarter was 108.5, so the new Index number represents an increase of 1.8% over the corresponding quarter for the previous year.
All Groups – Perth
The new All Groups Index number for Perth for the March 2017 quarter is 109. The Index number for the March 2016 quarter was 107.9, so the new Index number represents an increase of 1.0% 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 March 2017 quarter is 110.5. The Index number for the March 2016 quarter was 108.2, so the new Index number represents an increase of 2.1% over the corresponding quarter for the previous year.
All Groups – Capital cities comparison
At the All Groups level, the CPI rose in all capital cities for the quarter except Darwin (which decreased by 0.1%) and Perth (which did not change) during the March 2017 quarter when compared to the March 2016 quarter. Melbourne and Hobart recorded the largest increase in that regard (0.9% and 0.8%% respectively) while the increases for the other capital cities (excluding Darwin) ranged between 0.3% to 0.6%.
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 HopgoodGanim’s Property team.