According to the Bureau of Statistics consumer price index, prices in 2013 are 3,596.43% higher than average prices since 1924. The Australian dollar experienced an average inflation rate of 4.14% per year during this period, meaning the real value of a dollar decreased.

In other words, $100 in 1924 is equivalent in purchasing power to about $3,696.43 in 2013, a difference of $3,596.43 over 89 years.

The 1924 inflation rate was 0.00%. The inflation rate in 2013 was 2.48%. The 2013 inflation rate is higher compared to the average inflation rate of 1.76% per year between 2013 and 2020.

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Cumulative price change | 3,596.43% |

Average inflation rate | 4.14% |

Converted amount ($100 base) | $3,696.43 |

Price difference ($100 base) | $3,596.43 |

CPI in 1924 | 2.800 |

CPI in 2013 | 103.500 |

Inflation in 1924 | 0.00% |

Inflation in 2013 | 2.48% |

This chart shows a calculation of buying power equivalence for $100 in 1924 (price index tracking began in 1922).

For example, if you started with $100, you would need to end with $3,696.43 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When $100 is equivalent to $3,696.43 over time, that means that the "real value" of a single Australian dollar decreases over time. In other words, a dollar will pay for fewer items at the store.

This effect explains how inflation erodes the value of a dollar over time. By calculating the value in 1924 dollars, the chart below shows how $100 buys less over the past 89 years.

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

This inflation calculator uses the following inflation rate formula:

CPI in 2013CPI in 1924

×

1924 AUD value

=

2013 AUD value

Then plug in historical CPI values. The Australian CPI was 2.8 in the year 1924 and 103.5 in 2013:

103.52.8

×

$100

=

$100 in 1924 has the same "purchasing power" or "buying power" as $3,696.43 in 2013.

To get the total inflation rate for the 89 years between 1924 and 2013, we use the following formula:

CPI in 2013 - CPI in 1924CPI in 1924

×

100

=

Plugging in the values to this equation, we get:

103.5 - 2.82.8

×

100

=

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 2013 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 26 Jan. 2020, https://www.officialdata.org/1924-AUD-in-2013.

Special thanks to QuickChart for providing downloadable chart images.

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

Cumulative price change | 3,596.43% |

Average inflation rate | 4.14% |

Converted amount ($100 base) | $3,696.43 |

Price difference ($100 base) | $3,596.43 |

CPI in 1924 | 2.800 |

CPI in 2013 | 103.500 |

Inflation in 1924 | 0.00% |

Inflation in 2013 | 2.48% |