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The Australian Bureau of Statistics released the Consumer Price Index figures for the March 2021 quarter today (for the period 1 January 2021 to 31 March 2021).

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.

We 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 2021 quarter is 118.2. The Index number for the March 2020 quarter was 116.2 so the new Index number represents an increase of 1.7% over the corresponding quarter for the previous year.

ALL GROUPS — PERTH

The new All Groups Index number for Perth for the March 2021 quarter is 114.6. The Index number for the March 2020 quarter was 113.5 so the new Index number represents an increase of 1.0% 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 2021 quarter is 117.9. The weighted average Index number for the March 2020 quarter was 116.6 so the new Index number represents an increase of 1.1% over the corresponding quarter for the previous year.

ALL GROUPS — CAPITAL CITIES COMPARISON

At the All Groups level, Darwin recorded the largest increase (2.3%) and Melbourne recorded the lowest increase (0.8%). All other cities had minimal increases, ranging from 0.9% increase (Sydney) to 1.7% increase (Brisbane).  

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

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

For more information about applying CPI figures to your leases, please contact our Commercial Property and Retail Leasing team.