Australian inflation rate in 1923: 0.00%

Australia Inflation Calculator


Australian Inflation Rate, 1923-2018 (AU$1)

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 consumer price index, the dollar experienced an average inflation rate of 3.95% per year. Prices in 2018 are 3877.5% higher than prices in 1923.

In other words, AU$1 in the year 1923 is equivalent in purchasing power to AU$39.77 in 2018, a difference of AU$38.77 over 95 years.

The current inflation rate in 2018 is 1.80%1. If this number holds, AU$1 today will be equivalent to AU$1.02 next year.

Inflation from 1923 to 2018
Cumulative price change 3877.47%
Average inflation rate 3.95%
Price difference (AU$1 base) AU$38.77
CPI in 1923 2.8
CPI in 2018 111.3692

AUD inflation chart from 1922 to 2017

How to calculate the inflation rate for AU$1 since 1923

Start with the inflation rate formula:

CPI in 2018 / CPI in 1923 * 1923 AUD value = 2018 AUD value

Then plug in historical CPI values. The Australian CPI was 2.8 in the year 1923 and 111.3692 in 2018:

111.3692 / 2.8 * AU$1 = AU$39.77

AU$1 in 1923 has the same "purchasing power" as AU$39.77 in 2018.

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: “Inflation Rate in 1923 | Australia Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Finance, 23 Mar. 2018,

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