The Australian Bureau of Statistics (ABS) released the Consumer Price Index (CPI) figures for the March 2024 quarter today (for the period 1 January 2024 to 31 March 2024).
Both landlords and tenants may wish to:
- check their leases to see whether a CPI rent review is due using the March 2024 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 March 2024 quarter is 139.2. The CPI number for the March 2023 quarter was 134.6, 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 March 2024 quarter is 134.8. The CPI number for the March 2023 quarter was 130.4, so the new CPI number equates to an increase of 3.4%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 March 2024 quarter is 137.4. The weighted average CPI number for the March 2023 quarter was 132.6, so the new CPI number equates to an increase of 3.6%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 (4.3%) over the corresponding quarter for the previous year, followed by Sydney (3.8%) and Melbourne (3.6%). Hobart recorded the lowest increase (3.1%). The other four capital cities ranged from a 3.3% increase (Darwin and Canberra) to a 3.4% increase (Brisbane and Perth).
The CPI rose 1.0% this quarter. Over the twelve months to the March 2024 quarter, the CPI rose 3.6%.
The most significant price rises this quarter were Rents (+2.1%), Secondary education (+6.1%), Tertiary education (+6.5%) and Medical and hospital services (+2.3%).
A summary of the percentage increases for the eight capital cities is provided below:
City | CPI for March 2023 | CPI for March 2024 | Percentage increase |
Sydney | 132.7 | 137.7 | 3.8% |
Melbourne | 132.7 | 137.5 | 3.6% |
Brisbane | 134.6 | 139.2 | 3.4% |
Adelaide | 132.4 | 138.1 | 4.3% |
Perth | 130.4 | 134.8 | 3.4% |
Hobart | 134.0 | 138.1 | 3.1% |
Darwin | 128.2 | 132.4 | 3.3% |
Canberra | 131.3 | 135.6 | 3.3% |
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 Real Estate and Development team.