March 2013 Quarter CPI Figures Released
by Meryl Snow, Craig Willey
The Australian Bureau of Statistics has today released the Consumer Price Index figures for the March 2013 quarter (for the period January to March 2013). Landlords may wish to:
- check their leases to see whether a CPI rent review is due this quarter; and
- if a rent review is due, apply the correct index number for that review.
Partner Meryl Snow and senior associate Craig Willey highlight the key areas of interest for landlords.
Key areas of interest
The new All Groups Index number for Brisbane for the March quarter is 102.0. This is an increase of 0.1 percent (or 0.1 index points) from the December 2012 quarter, which had an adjusted value of 101.9. The March 2012 quarter had an adjusted value of 99.9, so the new index represents an increase of 2.1 percent (or 2.1 index points) over the corresponding quarter for the previous year.
The new All Groups Index number for Perth for the March quarter is 102.4. This is an increase of 0.5 percent (or 0.5 index points) from the December 2012 quarter, which had an adjusted value of 101.9. The March 2012 quarter had an adjusted value of 100.0, so the new index represents an increase of 2.4 percent (or 2.4 index points) over the corresponding quarter for the previous year.
At the All Groups level, the CPI rose in all capital cities during the March 2013 quarter when compared to the March 2012 quarter. Darwin recorded the largest increase (3.8 percent), while the increases for the other capital cities ranged between 1.0 and 2.8 percent.
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 HopgoodGanim’s Commercial and Retail Leasing team. http://www.findlaw.com.au/lawfirm/4939/about/hopgood-ganim-lawyers.aspx