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The Australian Bureau of Statistics released the Consumer Price Index figures for the March 2022 quarter today (for the period 1 January 2022 to 31 March 2022).

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 Solicitor William Deeb highlight the key areas of interest for landlords and tenants. 

Key areas of interest

ALL GROUPS - BRISBANE

The new All Groups Index number for Brisbane for the March 2022 quarter is 125.3. The Index number for the March 2021 quarter was 118.2 so the new Index number represents an increase of 6% over the corresponding quarter for the previous year.

ALL GROUPS – PERTH

The new All Groups Index number for Perth for the March 2022 quarter is 123.3. The Index number for the March 2021 quarter was 114.6 so the new Index number represents an increase of 7.6% over the corresponding quarter for the previous year.

ALL GROUPS – WEIGHTED AVERAGE OF EIGHT CAPITAL CITIES

The new All Groups weighted average Index number for the eight capital cities for the March 2022 quarter is 123.9. The weighted average Index number for the March 2021 quarter was 117.9 so the new Index number represents an increase of 5.1% over the corresponding quarter for the previous year, the highest inflation level since 2009. 

ALL GROUPS – CAPITAL CITIES COMPARISON

At the All Groups level, Perth recorded the largest increase (7.6%) and Sydney recorded the lowest increase (4.4%). All other cities had reasonable increases, ranging from 4.5% increase (Melbourne) to 5.8% increase (Hobart).  

A summary of the percentage changes for the capital cities is listed below:

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.