The Australian Bureau of Statistics (ABS) released the Consumer Price Index (CPI) figures for the June 2022 quarter today (for the period 1 April 2022 to 30 June 2022).
Both landlords and tenants may wish to:
- check their leases to see whether a CPI rent review is due using the June 2022 quarter CPI number; and
- if a CPI rent review is due, apply the correct CPI number for that review.
Partner Justin Raiteri highlights 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 June 2022 quarter is 127.9. The CPI number for the June 2021 quarter was 119.2, so the new CPI number equates to an increase of 7.3% over the corresponding quarter for the previous year.
ALL GROUPS – PERTH
The new All Groups CPI number for Perth for the June 2022 quarter is 125.4. The CPI number for the June 2021 quarter was 116.8, so the new CPI number equates to an increase of 7.4% 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 June 2022 quarter is 126.1. The weighted average CPI number for the June 2021 quarter was 118.8, so the new CPI number equates to an increase of 6.1% over the corresponding quarter for the previous year.
Annual trimmed mean inflation, which excludes large price rises and falls that the ABS considers to be irregular or temporary, increased to 4.9%, the highest since the ABS first published this information in 2003.
ALL GROUPS – CAPITAL CITIES COMPARISON
In relation to All Groups CPI for each capital city, Perth recorded the largest increase (7.4%), followed closely by Brisbane (7.3%). Sydney recorded the lowest increase (5.3%). The other five capital cities ranged relatively closely, from a 6.1% increase (Melbourne) to a 6.6% increase (Darwin).
A summary of the percentage increases for the eight capital cities is provided below:
| City | CPI for June 2021 | CPI for June 2022 | Percentage increase |
|---|---|---|---|
| Sydney | 119.4 | 125.7 | 5.3% |
| Melbourne | 119.1 | 126.4 | 6.1% |
| Brisbane | 119.2 | 127.9 | 7.3% |
| Adelaide | 117.8 | 125.3 | 6.4% |
| Perth | 116.8 | 125.4 | 7.4% |
| Hobart | 119.8 | 127.6 | 6.5% |
| Darwin | 115.6 | 123.2 | 6.6% |
| Canberra | 118.2 | 125.6 | 6.3% |
A detailed breakdown of CPI figures is available on the Australian Bureau of Statistics website.
For more information about applying CPI figures to your leases, please contact our Commercial and Retail Leasing team.