The Australian Bureau of Statistics has today released the Consumer Price Index figures for the March 2014 quarter (for the period January to March 2014).
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.
In this Alert, Partner Meryl Snow and Solicitor Justin Raiteri highlight the key areas of interest for landlords.
Key areas of interest
Brisbane
The new All Groups Index number for Brisbane for the March quarter is 105.2. This is an increase of 0.6 percent (or 0.6 index points) from the December 2013 quarter, which had a value of 104.6. The March 2013 quarter had an adjusted value of 102.0, so the new index represents an increase of 3.1 percent over the corresponding quarter for the previous year.
Perth
The new All Groups Index number for Perth for the March quarter is 105.6. This is an increase of 0.7 percent (or 0.7 index points) from the December 2013 quarter, which had a value of 104.9. The March 2013 quarter had an adjusted value of 102.4, so the new index represents an increase of 3.1 percent over the corresponding quarter for the previous year.
Nationally
At the All Groups level, the CPI rose in all capital cities during the March 2014 quarter by at least 2.6 percent. This is the largest increase since the March 2011 quarter. Darwin recorded the largest individual increase (3.6 percent) while the increases for the other capital cities ranged between 2.6 percent and 3.1 percent.
A detailed breakdown of CPI figures is available at the Australian Bureau of Statistics website.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
