Australia Inflation Calculator
Australian Inflation Rate, 1923-1996 (AU$100)
According to the Bureau of Statistics consumer price index, the dollar experienced an average inflation rate of 4.44% per year. Prices in 1996 are 2282.1% higher than prices in 1923.
In other words, AU$100 in the year 1923 is equivalent in purchasing power to AU$2,382.14 in 1996, a difference of AU$2,282.14 over 73 years.
The inflation rate in 1996 was 2.62%.
| Cumulative price change | 2282.14% |
| Average inflation rate | 4.44% |
| Price difference (AU$100 base) | AU$2,282.14 |
| CPI in 1923 | 2.8 |
| CPI in 1996 | 66.7 |
How to calculate the inflation rate for AU$100, 1923 to 1996
Start with the inflation rate formula:CPI in 1996 / CPI in 1923 * 1923 AUD value = 1996 AUD value
Then plug in historical CPI values. The Australian CPI was 2.8 in the year 1923 and 66.7 in 1996:
66.7 / 2.8 * AU$100 = AU$2,382.14
AU$100 in 1923 has the same "purchasing power" as AU$2,382.14 in 1996.
News headlines from 1923
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.
Inflation Data Source
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: “1923 dollars in 1996 | Australia Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Finance, 25 Apr. 2018, http://www.in2013dollars.com/1923-AUD-in-1996.