Australia Inflation Calculator: AUD from 1923 to 2024

The Australian dollar has lost 98% its value since 1923

Updated: December 11, 2024

$100 in 1923 is equivalent in purchasing power to about $4,832.14 today, an increase of $4,732.14 over 101 years. The dollar had an average inflation rate of 3.91% per year between 1923 and today, producing a cumulative price increase of 4,732.14%.

This means that today's prices are 48.32 times as high as average prices since 1923, according to the Bureau of Statistics consumer price index. A dollar today only buys 2.069% of what it could buy back then.

The inflation rate in 1923 was 0.00%. The current inflation rate compared to the end of last year is now 1.05%. If this number holds, $100 today will be equivalent in buying power to $101.05 next year.

Contents

Overview
Buying Power of $100
Formulas & How to Calculate
Data Source

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Inflation from 1923 to 2024
Cumulative price change	4,732.14%
Average inflation rate	3.91%
Converted amount $100 base	$4,832.14
Price difference $100 base	$4,732.14
CPI in 1923	2.800
CPI in 2024	135.300
Inflation in 1923	0.00%
Inflation in 2024	1.05%
$100 in 1923	$4,832.14 in 2024

AUD inflation since 1923

Annual Rate, the Bureau of Statistics CPI

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Buying power of $100 in 1923

This chart shows a calculation of buying power equivalence for $100 in 1923 (price index tracking began in 1922).

For example, if you started with $100, you would need to end with $4,832.14 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

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When $100 is equivalent to $4,832.14 over time, that means that the "real value" of a single Australian dollar decreases over time. In other words, a dollar will pay for fewer items at the store.

This effect explains how inflation erodes the value of a dollar over time. By calculating the value in 1923 dollars, the chart below shows how $100 is worth less over 101 years.

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According to the Bureau of Statistics, each of these AUD amounts below is equal in terms of what it could buy at the time:

Dollar inflation: 1923-2024
Year	Dollar Value	Inflation Rate
1923	$100.00	-
1924	$100.00	0.00%
1925	$100.00	0.00%
1926	$103.57	3.57%
1927	$100.00	-3.45%
1928	$103.57	3.57%
1929	$103.57	0.00%
1930	$96.43	-6.90%
1931	$89.29	-7.41%
1932	$85.71	-4.00%
1933	$82.14	-4.17%
1934	$82.14	0.00%
1935	$85.71	4.35%
1936	$85.71	0.00%
1937	$89.29	4.17%
1938	$92.86	4.00%
1939	$92.86	0.00%
1940	$96.43	3.85%
1941	$100.00	3.70%
1942	$110.71	10.71%
1943	$114.29	3.23%
1944	$114.29	0.00%
1945	$114.29	0.00%
1946	$114.29	0.00%
1947	$121.43	6.25%
1948	$132.14	8.82%
1949	$142.86	8.11%
1950	$157.14	10.00%
1951	$185.71	18.18%
1952	$217.86	17.31%
1953	$228.57	4.92%
1954	$232.14	1.56%
1955	$235.71	1.54%
1956	$250.00	6.06%
1957	$257.14	2.86%
1958	$257.14	0.00%
1959	$264.29	2.78%
1960	$275.00	4.05%
1961	$278.57	1.30%
1962	$278.57	0.00%
1963	$282.14	1.28%
1964	$289.29	2.53%
1965	$300.00	3.70%
1966	$307.14	2.38%
1967	$317.86	3.49%
1968	$328.57	3.37%
1969	$339.29	3.26%
1970	$350.00	3.16%
1971	$371.43	6.12%
1972	$392.86	5.77%
1973	$428.57	9.09%
1974	$496.43	15.83%
1975	$571.43	15.11%
1976	$646.43	13.13%
1977	$725.00	12.15%
1978	$782.14	7.88%
1979	$853.57	9.13%
1980	$942.86	10.46%
1981	$1,032.14	9.47%
1982	$1,146.43	11.07%
1983	$1,264.29	10.28%
1984	$1,314.29	3.95%
1985	$1,400.00	6.52%
1986	$1,528.57	9.18%
1987	$1,657.14	8.41%
1988	$1,778.57	7.33%
1989	$1,910.71	7.43%
1990	$2,053.57	7.48%
1991	$2,117.86	3.13%
1992	$2,139.29	1.01%
1993	$2,175.00	1.67%
1994	$2,217.86	1.97%
1995	$2,321.43	4.67%
1996	$2,382.14	2.62%
1997	$2,389.29	0.30%
1998	$2,407.14	0.75%
1999	$2,442.86	1.48%
2000	$2,553.57	4.53%
2001	$2,664.29	4.34%
2002	$2,746.43	3.08%
2003	$2,821.43	2.73%
2004	$2,885.71	2.28%
2005	$2,964.29	2.72%
2006	$3,067.86	3.49%
2007	$3,139.29	2.33%
2008	$3,278.57	4.44%
2009	$3,335.71	1.74%
2010	$3,432.14	2.89%
2011	$3,546.43	3.33%
2012	$3,607.14	1.71%
2013	$3,696.43	2.48%
2014	$3,789.29	2.51%
2015	$3,846.43	1.51%
2016	$3,896.43	1.30%
2017	$3,971.43	1.92%
2018	$4,046.43	1.89%
2019	$4,110.71	1.59%
2020	$4,146.43	0.87%
2021	$4,264.29	2.84%
2022	$4,546.43	6.62%
2023	$4,782.14	5.18%
2024	$4,832.14	1.05%*

* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

Click to show 95 more rows

This conversion table shows various other 1923 amounts in today's dollars, based on the 4,732.14% change in prices:

Conversion: 1923 dollars today
Initial value	Equivalent value
$1 dollar in 1923	$48.32 dollars today
$5 dollars in 1923	$241.61 dollars today
$10 dollars in 1923	$483.21 dollars today
$50 dollars in 1923	$2,416.07 dollars today
$100 dollars in 1923	$4,832.14 dollars today
$500 dollars in 1923	$24,160.71 dollars today
$1,000 dollars in 1923	$48,321.43 dollars today
$5,000 dollars in 1923	$241,607.14 dollars today
$10,000 dollars in 1923	$483,214.29 dollars today
$50,000 dollars in 1923	$2,416,071.43 dollars today
$100,000 dollars in 1923	$4,832,142.86 dollars today
$500,000 dollars in 1923	$24,160,714.29 dollars today
$1,000,000 dollars in 1923	$48,321,428.57 dollars today

How to calculate inflation rate for $100 since 1923

Our calculations use the following inflation rate formula to calculate the change in value between 1923 and today:

CPI today CPI in 1923

1923 AUD value

Today's value

Then plug in historical CPI values. The Australian CPI was 2.8 in the year 1923 and 135.3 in 2024:

135.32.8

$100

$4,832.14

$100 in 1923 has the same "purchasing power" or "buying power" as $4,832.14 in 2024.

To get the total inflation rate for the 101 years between 1923 and 2024, we use the following formula:

CPI in 2024 - CPI in 1923CPI in 1923

100

Cumulative inflation rate (101 years)

Plugging in the values to this equation, we get:

135.3 - 2.82.8

100

4,732%

Data source & citation

Raw data for these calculations comes from the government of Australia's annual (CPI) as provided by the Reserve Bank of Australia. The consumer price index was established in 1922 and is tracked by Australian Bureau of Statistics (ABS).

You may use the following MLA citation for this page: “Australia Inflation Calculator: AUD from 1923 to 2024.” Official Inflation Data, Alioth Finance, 15 Dec. 2024, https://www.officialdata.org/Australia-inflation.

Special thanks to QuickChart for their chart image API, which is used for chart downloads.

About the author

Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.

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Other resources:

Inflation from 1923 to 2024
Cumulative price change	4,732.14%
Average inflation rate	3.91%
Converted amount $100 base	$4,832.14
Price difference $100 base	$4,732.14
CPI in 1923	2.800
CPI in 2024	135.300
Inflation in 1923	0.00%
Inflation in 2024	1.05%
$100 in 1923	$4,832.14 in 2024