$100 in 1923 is equivalent in purchasing power to about $4,210.71 today, an increase of $4,110.71 over 98 years. The dollar had an average inflation rate of 3.89% per year between 1923 and today, producing a cumulative price increase of 4,110.71%.

This means that today's prices are 42.11 times higher than average prices since 1923, according to the Bureau of Statistics consumer price index. A dollar today only buys 2.37% of what it could buy back then.

The 1923 inflation rate was 0.00%. The current year-over-year inflation rate (2020 to 2021) is now 1.55%^{1}.
If this number holds, $100 today will be equivalent in buying power to $101.55 next year.

⌃

Cumulative price change | 4,110.71% |

Average inflation rate | 3.89% |

Converted amount ($100 base) | $4,210.71 |

Price difference ($100 base) | $4,110.71 |

CPI in 1923 | 2.800 |

CPI in 2021 | 117.900 |

Inflation in 1923 | 0.00% |

Inflation in 2021 | 1.55% |

$100 in 1923 | $4,210.71 in 2021 |

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 $4,210.71 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When $100 is equivalent to $4,210.71 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 98 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 4,110.71% change in prices:

Initial value | Equivalent value |
---|---|

$1 dollar in 1923 | $42.11 dollars today |

$5 dollars in 1923 | $210.54 dollars today |

$10 dollars in 1923 | $421.07 dollars today |

$50 dollars in 1923 | $2,105.36 dollars today |

$100 dollars in 1923 | $4,210.71 dollars today |

$500 dollars in 1923 | $21,053.57 dollars today |

$1,000 dollars in 1923 | $42,107.14 dollars today |

$5,000 dollars in 1923 | $210,535.71 dollars today |

$10,000 dollars in 1923 | $421,071.43 dollars today |

$50,000 dollars in 1923 | $2,105,357.14 dollars today |

$100,000 dollars in 1923 | $4,210,714.29 dollars today |

$500,000 dollars in 1923 | $21,053,571.43 dollars today |

$1,000,000 dollars in 1923 | $42,107,142.86 dollars today |

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 117.9 in 2021:

117.92.8

×

$100

=

$100 in 1923 has the same "purchasing power" or "buying power" as $4,210.71 in 2021.

To get the total inflation rate for the 98 years between 1923 and 2021, we use the following formula:

CPI in 2021 - CPI in 1923CPI in 1923

×

100

=

Plugging in the values to this equation, we get:

117.9 - 2.82.8

×

100

=

Politics and news often influence economic performance. Here's what was happening at the time:

- The inner burial chamber of the Pharaoh Tutankhamun's tomb is opened, leading to the finding of the sarcophagus by Howard Carter.
- The Disney Brothers Cartoon Studio is founded.
- Lenin's "Political Testament" is issued which calls for Stalin's removal.
- In Germany, 5,000 storm troopers demonstrate against the 'November crime', Hitler is arrested after seeking to take advantage of the chaotic conditions.

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 2021.” Official Inflation Data, Alioth Finance, 10 Nov. 2021, https://www.officialdata.org/Australia-inflation.

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

Cumulative price change | 4,110.71% |

Average inflation rate | 3.89% |

Converted amount ($100 base) | $4,210.71 |

Price difference ($100 base) | $4,110.71 |

CPI in 1923 | 2.800 |

CPI in 2021 | 117.900 |

Inflation in 1923 | 0.00% |

Inflation in 2021 | 1.55% |

$100 in 1923 | $4,210.71 in 2021 |