The consumer price index (CPI) in 1923 was 2.8. the Bureau of Statistics uses this CPI value to track inflation on a monthly basis.
According to the Bureau of Statistics, the dollar experienced an average inflation rate of 3.98% per year. Prices in 2017 are 3807.1% higher than prices in 1923.
In other words, AU$1 in the year 1923 is equivalent to AU$39.07 in 2017, a difference of AU$38.07 over 94 years.
The current inflation rate in 2017 is 0.64%1. If this number holds, AU$1 today will be equivalent to AU$1.01 next year.
|Cumulative price change||3807.14%|
|Average inflation rate||3.98%|
|Price difference (AU$1 base)||AU$38.07|
|CPI in 1923||2.8|
|CPI in 2017||109.4|
Politics and news often play an important role in economic performance.
Inflation Data Source: 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).