According to the Bureau of Statistics consumer price index, the dollar experienced an average inflation rate of 4.32% per year. Prices in 2003 are 2,721.43% higher than prices in 1924.

In other words, AU$100 in 1924 is equivalent in purchasing power to AU$2,821.43 in 2003, a difference of AU$2,721.43 over 79 years.

The inflation rate in 2003 was 2.73%.

Cumulative price change | 2721.43% |

Average inflation rate | 4.32% |

Converted amount (AU$100 base) | AU$2,821.43 |

Price difference (AU$100 base) | AU$2,721.43 |

CPI in 1924 | 2.8 |

CPI in 2003 | 79 |

This inflation calculator uses the following inflation rate formula:

CPI in 2003 / CPI in 1924 * 1924 AUD value = 2003 AUD value

Then plug in historical CPI values. The Australian CPI was 2.8 in the year 1924 and 79 in 2003:

79 / 2.8 * AU$100 = **AU$2,821.43**

AU$100 in 1924 has the same "purchasing power" or "buying power" as AU$2,821.43 in 2003.

This chart shows calculations of buying power equivalence over time for AU$100 in 1924 (price index tracking began in 1922).

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

Year | AUD Value | Inflation Rate |
---|---|---|

1924 | AU$100.00 | - |

1925 | AU$100.00 | 0.00% |

1926 | AU$103.57 | 3.57% |

1927 | AU$100.00 | -3.45% |

1928 | AU$103.57 | 3.57% |

1929 | AU$103.57 | 0.00% |

1930 | AU$96.43 | -6.90% |

1931 | AU$89.29 | -7.41% |

1932 | AU$85.71 | -4.00% |

1933 | AU$82.14 | -4.17% |

1934 | AU$82.14 | 0.00% |

1935 | AU$85.71 | 4.35% |

1936 | AU$85.71 | 0.00% |

1937 | AU$89.29 | 4.17% |

1938 | AU$92.86 | 4.00% |

1939 | AU$92.86 | 0.00% |

1940 | AU$96.43 | 3.85% |

1941 | AU$100.00 | 3.70% |

1942 | AU$110.71 | 10.71% |

1943 | AU$114.29 | 3.23% |

1944 | AU$114.29 | 0.00% |

1945 | AU$114.29 | 0.00% |

1946 | AU$114.29 | 0.00% |

1947 | AU$121.43 | 6.25% |

1948 | AU$132.14 | 8.82% |

1949 | AU$142.86 | 8.11% |

1950 | AU$157.14 | 10.00% |

1951 | AU$185.71 | 18.18% |

1952 | AU$217.86 | 17.31% |

1953 | AU$228.57 | 4.92% |

1954 | AU$232.14 | 1.56% |

1955 | AU$235.71 | 1.54% |

1956 | AU$250.00 | 6.06% |

1957 | AU$257.14 | 2.86% |

1958 | AU$257.14 | 0.00% |

1959 | AU$264.29 | 2.78% |

1960 | AU$275.00 | 4.05% |

1961 | AU$278.57 | 1.30% |

1962 | AU$278.57 | 0.00% |

1963 | AU$282.14 | 1.28% |

1964 | AU$289.29 | 2.53% |

1965 | AU$300.00 | 3.70% |

1966 | AU$307.14 | 2.38% |

1967 | AU$317.86 | 3.49% |

1968 | AU$328.57 | 3.37% |

1969 | AU$339.29 | 3.26% |

1970 | AU$350.00 | 3.16% |

1971 | AU$371.43 | 6.12% |

1972 | AU$392.86 | 5.77% |

1973 | AU$428.57 | 9.09% |

1974 | AU$496.43 | 15.83% |

1975 | AU$571.43 | 15.11% |

1976 | AU$646.43 | 13.13% |

1977 | AU$725.00 | 12.15% |

1978 | AU$782.14 | 7.88% |

1979 | AU$853.57 | 9.13% |

1980 | AU$942.86 | 10.46% |

1981 | AU$1,032.14 | 9.47% |

1982 | AU$1,146.43 | 11.07% |

1983 | AU$1,264.29 | 10.28% |

1984 | AU$1,314.29 | 3.95% |

1985 | AU$1,400.00 | 6.52% |

1986 | AU$1,528.57 | 9.18% |

1987 | AU$1,657.14 | 8.41% |

1988 | AU$1,778.57 | 7.33% |

1989 | AU$1,910.71 | 7.43% |

1990 | AU$2,053.57 | 7.48% |

1991 | AU$2,117.86 | 3.13% |

1992 | AU$2,139.29 | 1.01% |

1993 | AU$2,175.00 | 1.67% |

1994 | AU$2,217.86 | 1.97% |

1995 | AU$2,321.43 | 4.67% |

1996 | AU$2,382.14 | 2.62% |

1997 | AU$2,389.29 | 0.30% |

1998 | AU$2,407.14 | 0.75% |

1999 | AU$2,442.86 | 1.48% |

2000 | AU$2,553.57 | 4.53% |

2001 | AU$2,664.29 | 4.34% |

2002 | AU$2,746.43 | 3.08% |

2003 | AU$2,821.43 | 2.73%* |

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: “1924 dollars in 2003 | Australia Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 16 Jul. 2018, https://www.officialdata.org/1924-AUD-in-2003.

in2013dollars.com is a reference website maintained by the Official Data Foundation.