According to the Bureau of Statistics consumer price index, the dollar experienced an average inflation rate of 4.33% per year. Prices in 1998 are 2307.1% higher than prices in 1923.
In other words, AU$100 in the year 1923 is equivalent in purchasing power to AU$2,407.14 in 1998, a difference of AU$2,307.14 over 75 years.
The inflation rate in 1998 was 0.75%.
|Cumulative price change||2307.14%|
|Average inflation rate||4.33%|
|Price difference (AU$100 base)||AU$2,307.14|
|CPI in 1923||2.8|
|CPI in 1998||67.4|
Politics and news often influence economic performance. Here's what was happening at the time:
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 1998 | Australia Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Finance, 24 Feb. 2018, http://www.in2013dollars.com/1923-AUD-in-1998.