The Australian Bureau of Statistics (ABS) released the Consumer Price Index (CPI) figures for the September 2022 quarter today (for the period 1 July 2022 to 30 September 2022).
Both landlords and tenants may wish to:
- check their leases to see whether a CPI rent review is due using the September 2022 quarter CPI number; and
- if a CPI rent review is due, apply the correct CPI number for that review.
Special Counsel Astrid Crowe 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 September 2022 quarter is 130.2. The CPI number for the September 2021 quarter was 120.7, so the new CPI number equates to an increase of 7.9% over the corresponding quarter for the previous year.
ALL GROUPS – PERTH
The new All Groups CPI number for Perth for the September 2022 quarter is 124.8. The CPI number for the September 2021 quarter was 117.7, so the new CPI number equates to an increase of 6.0% 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 September 2022 quarter is 128.4. The weighted average CPI number for the September 2021 quarter was 119.7, so the new CPI number equates to an increase of 7.3% over the corresponding quarter for the previous year. This is the highest annual CPI increase since 1990.
ALL GROUPS – CAPITAL CITIES COMPARISON
In relation to All Groups CPI for each capital city, Hobart recorded the largest increase (8.6%), followed closely by Adelaide (8.4%). Perth recorded the lowest increase (6.0%). The other five capital cities ranged from a 6.9% increase (Canberra) to a 7.9% increase (Brisbane).
A summary of the percentage increases for the eight capital cities is provided below:
| City | CPI for September 2021 | CPI for September 2022 | Percentage increase |
|---|---|---|---|
| Sydney | 120.2 | 128.6 | 7.0% |
| Melbourne | 120.1 | 129.0 | 7.4% |
| Brisbane | 120.7 | 130.2 | 7.9% |
| Adelaide | 118.6 | 128.6 | 8.4% |
| Perth | 117.7 | 124.8 | 6.0% |
| Hobart | 120.2 | 130.5 | 8.6% |
| Darwin | 117.3 | 125.5 | 7.0% |
| Canberra | 119.7 | 128.0 | 6.9% |
A detailed breakdown of 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.