The Australian Bureau of Statistics (ABS) released the Consumer Price Index (CPI) figures for the September 2023 quarter today (for the period 1 July 2023 to 30 September 2023).
Both landlords and tenants may wish to:
- check their leases to see whether a CPI rent review is due using the September 2023 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 September 2023 quarter is 137.0. The CPI number for the September 2022 quarter was 130.2, so the new CPI number equates to an increase of 5.2% over the corresponding quarter for the previous year.
All groups – PERTH
The new All Groups CPI number for Perth for the September 2023 quarter is 132.0. The CPI number for the September 2022 quarter was 124.8, so the new CPI number equates to an increase of 5.8% 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 2023 quarter is 135.3. The weighted average CPI number for the September 2022 quarter was 128.4, so the new CPI number equates to an increase of5.4% 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 (5.9%) over the corresponding quarter for the previous year, followed by Perth (5.8%) and then Sydney (5.6%). Hobart recorded the lowest increase (4.1%). The other four capital cities ranged from a 5.2% increase (Brisbane) to a 4.3% increase (Darwin).
The CPI rose 1.2% this quarter, with the most significant price rises being Automotive fuel (+7.2%), Rents (+2.2%), New dwelling purchase by owner-occupiers (+1.3%) and Electricity (+4.2%). Over the twelve months to the September 2023 quarter, the CPI rose 5.4%.
A summary of the percentage increases for the eight capital cities is provided below:
| City | Index for September 2022 | Index for September 2023 | Percentage increase |
| Sydney | 128.6 | 135.8 | 5.6% |
| Melbourne | 129.0 | 135.3 | 4.9% |
| Brisbane | 130.2 | 137.0 | 5.2% |
| Adelaide | 128.6 | 136.2 | 5.9% |
| Perth | 124.8 | 132.0 | 5.8% |
| Hobart | 130.5 | 135.8 | 4.1% |
| Darwin | 125.5 | 130.9 | 4.3% |
| Canberra | 128.0 | 133.7 | 4.5% |
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.