The Australian Bureau of Statistics (ABS) has released the Consumer Price Index (CPI) figures for the September 2024 quarter (for the period 1 July 2024 to 30 September 2024).
Both landlords and tenants may wish to:
- check their leases to see whether a CPI rent review is due using the September 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 September 2024 quarter is 139.4. The CPI number for the September 2023 quarter was 137.0, so the new CPI number equates to an increase of 1.8% over the corresponding quarter for the previous year.
All Groups - Perth
The new All Groups CPI number for Perth for the September 2024 quarter is 137.0. The CPI number for the September 2023 quarter was 132.0, so the new CPI number equates to an increase of 3.8% 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 2024 quarter is 139.1. The weighted average CPI number for the September 2023 quarter was 135.3, so the new CPI number equates to an increase of 2.8% over the corresponding quarter for the previous year.
All Groups - Capital cities comparison
In relation to All Groups CPI for each capital city, Perth has recorded the largest increase (3.8%) over the corresponding quarter for the previous year, followed by Adelaide (3.2%) and Melbourne (3.0%). Hobart recorded the lowest increase (0.7%). The other four capital cities ranged from a 1.8% increase (Brisbane) to a 2.9% increase (Sydney).
The Consumer Price Index rose 0.2% this quarter. Over the last twelve months to the September 2024 quarter, the Consumer Price Index rose 2.8% – the lowest annual inflation rate in over 3 years.
The most significant price rises this quarter were Recreation and culture (+1.3%), Food and non-alcoholic beverages (+0.6%), and Alcohol and tobacco (+1.3%).
A summary of the percentage increases for the eight capital cities is provided below:
| City | CPI for September 2023 | CPI for September 2024 | Percentage increase |
|---|---|---|---|
| Sydney | 135.8 | 139.8 | 2.9% |
| Melbourne | 135.3 | 139.3 | 3.0% |
| Brisbane | 137.0 | 139.4 | 1.8% |
| Adelaide | 136.2 | 140.6 | 3.2% |
| Perth | 132.0 | 137.0 | 3.8% |
| Hobart | 135.8 | 136.8 | 0.7% |
| Darwin | 130.9 | 133.8 | 2.2% |
| Canberra | 133.7 | 137.2 | 2.6% |
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.