The Australian dollar has lost 98% its value since 1923
Updated: December 11, 2024$100 in 1923 is equivalent in purchasing power to about $4,967.86 today, an increase of $4,867.86 over 102 years. The dollar had an average inflation rate of 3.90% per year between 1923 and today, producing a cumulative price increase of 4,867.86%.
This means that today's prices are 49.68 times as high as average prices since 1923, according to the Bureau of Statistics consumer price index. A dollar today only buys 2.013% 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 0.51%. If this number holds, $100 today will be equivalent in buying power to $100.51 next year.
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| Cumulative price change | 4,867.86% |
| Average inflation rate | 3.90% |
| Converted amount $100 base | $4,967.86 |
| Price difference $100 base | $4,867.86 |
| CPI in 1923 | 2.800 |
| CPI in 2025 | 139.100 |
| Inflation in 1923 | 0.00% |
| Inflation in 2025 | 0.51% |
| $100 in 1923 | $4,967.86 in 2025 |
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 $4,967.86 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
When $100 is equivalent to $4,967.86 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 102 years.
According to the Bureau of Statistics, each of these AUD amounts below is equal in terms of what it could buy at the time:
This conversion table shows various other 1923 amounts in today's dollars, based on the 4,867.86% change in prices:
| Initial value | Equivalent value |
|---|---|
| $1 dollar in 1923 | $49.68 dollars today |
| $5 dollars in 1923 | $248.39 dollars today |
| $10 dollars in 1923 | $496.79 dollars today |
| $50 dollars in 1923 | $2,483.93 dollars today |
| $100 dollars in 1923 | $4,967.86 dollars today |
| $500 dollars in 1923 | $24,839.29 dollars today |
| $1,000 dollars in 1923 | $49,678.57 dollars today |
| $5,000 dollars in 1923 | $248,392.86 dollars today |
| $10,000 dollars in 1923 | $496,785.71 dollars today |
| $50,000 dollars in 1923 | $2,483,928.57 dollars today |
| $100,000 dollars in 1923 | $4,967,857.14 dollars today |
| $500,000 dollars in 1923 | $24,839,285.71 dollars today |
| $1,000,000 dollars in 1923 | $49,678,571.43 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 139.1 in 2025:
139.12.8
×
$100
=
$4,967.86
$100 in 1923 has the same "purchasing power" or "buying power" as $4,967.86 in 2025.
To get the total inflation rate for the 102 years between 1923 and 2025, we use the following formula:
CPI in 2025 - CPI in 1923CPI in 1923
×
100
=
Cumulative inflation rate (102 years)
Plugging in the values to this equation, we get:
139.1 - 2.82.8
×
100
=
4,868%
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 2025.” Official Inflation Data, Alioth Finance, 25 Dec. 2024, https://www.officialdata.org/australia-inflation.
Special thanks to QuickChart for their chart image API, which is used for chart downloads.
| Cumulative price change | 4,867.86% |
| Average inflation rate | 3.90% |
| Converted amount $100 base | $4,967.86 |
| Price difference $100 base | $4,867.86 |
| CPI in 1923 | 2.800 |
| CPI in 2025 | 139.100 |
| Inflation in 1923 | 0.00% |
| Inflation in 2025 | 0.51% |
| $100 in 1923 | $4,967.86 in 2025 |