The Australian Bureau of Statistics today released the Consumer Price Index figures for the March 2016 quarter (for the period 1 January 2016 to 31 March 2016).
Both landlords and tenants may wish to:
- check their leases to see whether a CPI rent review is due using the March quarter CPI; and
- if a rent review is due, apply the correct index number for that review.
Partner Meryl Snow and senior associate Craig Willey highlight the key areas of interest for landlords and tenants.
Key areas of interest
The new All Groups Index number for Brisbane for the March 2016 quarter is 108.5. This represents no increase from the December 2015 quarter, which also had a value of 108.5. The March 2015 quarter had a value of 106.7, so the new index represents an increase of 1.7% over the corresponding quarter for the previous year.
The new All Groups Index number for Perth for the March 2016 quarter is 107.9. This is a decrease of approximately 0.6% (or 0.7 index points) from the December 2015 quarter, which had a value of 108.6. The March 2015 quarter had a value of 107.1, so the new index represents an increase of 0.7% over the corresponding quarter for the previous year.
At the All Groups level, the CPI rose in all capital cities except Darwin during the March 2016 quarter when compared to the March 2015 quarter. Melbourne and Brisbane recorded the largest increases in that regard (1.7%) while the increases for the other capital cities (excluding Darwin) ranged between 0.7% and 1.3%. Darwin recorded a decrease of -0.3%.
A detailed breakdown of CPI figures is available at the Australian Bureau of Statistics website.