The Australian Bureau of Statistics today released the Consumer Price Index figures for the September 2016 quarter (for the period 1 July 2016 to 30 September 2016).
Both landlords and tenants may wish to:
- check their leases to see whether a CPI rent review is due using the September quarter CPI; and
- if a rent review is due, apply the correct index number for that review.
Here, 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 September 2016 quarter is 109.7. This represents an increase of 0.64% (or 0.7 index points) from the June 2016 quarter, which had a value of 109.0. The September 2015 quarter had a value of 108.1, so the new index represents an increase of 1.5% over the corresponding quarter for the previous year.
The new All Groups Index number for Perth for the September 2016 quarter is 108.6. This represents an increase of 0.37% (or 0.4 index points) from the June 2016 quarter, which had a value of 108.2. The September 2015 quarter had a value of 108.1, so the new index represents an increase of 0.5% over the corresponding quarter for the previous year.
At the All Groups level, the CPI rose in all capital cities except Darwin (which did not change) during the September 2016 quarter when compared to the September 2015 quarter. Sydney recorded the largest increase in that regard (1.7%) while the increases for the other capital cities (excluding Darwin) ranged between 0.5% and 1.5%. A summary of these percentage changes are listed below:
|City||Index for Sept 2016||Index for Sept 2015||Percentage Change|
A detailed breakdown of CPI figures is available at the Australian Bureau of Statistics website.