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HG Alert: June Quarter CPI figures released - 23 July 2009

The Australian Bureau of Statistics yesterday released the Consumer Price Index figures for the June 2009 quarter.

The All Groups Index number for Brisbane is 171.8. This number is an increase of 0.6 percent over the March 2009 quarter number, which was 170.8. The June 2008 quarter number was 168.4, so the new figures represent an increase of two percent over the corresponding quarter for the previous year.

The All Groups Index number for Brisbane fell in the December 2008 quarter, which saw the CPI dip from 170.8 to 170.4, but this ground was recovered in March 2009.

A detailed breakdown of CPI figures is available at the Australian Bureau of Statistics website.

Those of you who are landlords may wish to check your leases to see whether a CPI review is due this quarter, and if so apply the correct index number for that review.

Retail landlords who wish to review rent to CPI should keep in mind the recent decision of the Supreme Court of Queensland, which held that a CPI rent review clause, which provided that the rent would not decrease if the CPI decreased, was valid.