The Australian Bureau of Statistics yesterday released the Consumer Price Index figures for the June 2014 quarter (for the period April to June 2014).
Both landlords and tenants may wish to:
- check their leases to see whether a CPI rent review is due using the June quarter CPI; and
- if a rent review is due, apply the correct index number for that review.
In this Alert, 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 June 2014 quarter is 105.8. This is an increase of 0.6 percent (or 0.6 index points) from the March 2014 quarter, which had a value of 105.2.
The June 2013 quarter had an adjusted value of 102.5, so the new index represents an increase of 3.2 percent over the corresponding quarter for the previous year.
The new All Groups Index number for Perth for the June 2014 quarter is 106.4. This is an increase of 0.8 percent (or 0.8 index points) from the March 2014 quarter, which had a value of 105.6.
The June 2013 quarter had an adjusted value of 103.6, so the new index represents an increase of 3.3 percent over the corresponding quarter for the previous year.
At the All Groups level, the CPI rose in all capital cities during the June 2014 quarter when compared to the June 2013 quarter. Perth and Darwin recorded the largest increases in that regard (3.3 percent) while the increases for the other capital cities ranged between 2.2 percent and 3.2 percent.
A detailed breakdown of CPI figures is available at the Australian Bureau of Statistics website.