Australia Inflation Calculator
Australian Inflation Rate, $100 in 1929 to 2003
According to the Bureau of Statistics consumer price index, prices in 2003 are 2,624.14% higher than average prices since 1929. The Australian dollar experienced an average inflation rate of 4.57% per year during this period, meaning the real value of a dollar decreased.
In other words, $100 in 1929 is equivalent in purchasing power to about $2,724.14 in 2003, a difference of $2,624.14 over 74 years.
The 1929 inflation rate was 0.00%. The inflation rate in 2003 was 2.73%. The 2003 inflation rate is higher compared to the average inflation rate of 2.33% per year between 2003 and 2020.
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| Cumulative price change | 2,624.14% |
| Average inflation rate | 4.57% |
| Converted amount ($100 base) | $2,724.14 |
| Price difference ($100 base) | $2,624.14 |
| CPI in 1929 | 2.900 |
| CPI in 2003 | 79.000 |
| Inflation in 1929 | 0.00% |
| Inflation in 2003 | 2.73% |
Buying power of $100 in 1929
This chart shows a calculation of buying power equivalence for $100 in 1929 (price index tracking began in 1922).
For example, if you started with $100, you would need to end with $2,724.14 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
When $100 is equivalent to $2,724.14 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 1929 dollars, the chart below shows how $100 buys less over the past 74 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:
How to Calculate Inflation Rate for $100, 1929 to 2003
This inflation calculator uses the following inflation rate formula:
CPI in 2003CPI in 1929
×
1929 AUD value
=
2003 AUD value
Then plug in historical CPI values. The Australian CPI was 2.9 in the year 1929 and 79 in 2003:
792.9
×
$100
=
$2,724.14
$100 in 1929 has the same "purchasing power" or "buying power" as $2,724.14 in 2003.
To get the total inflation rate for the 74 years between 1929 and 2003, we use the following formula:
CPI in 2003 - CPI in 1929CPI in 1929
×
100
=
Cumulative inflation rate (74 years)
Plugging in the values to this equation, we get:
79 - 2.92.9
×
100
=
2,624%
News headlines from 1929
Politics and news often influence economic performance. Here's what was happening at the time:
- The world's smallest country, the Vatican City, is created as an enclave of Rome.
- Seven gangsters are killed in Chicago on Al Capone's orders in an event now known as St. Valentine's Day Massacre.
- A final solution of a border dispute between Chile and Peru is reached after the signing of the Treaty of Lima.
- Beginning of the Great Depression with stock market crash known as "Black Thursday".
- ‘Black Thursday’, leads to a Wall Street crash and the biggest depression in the history of the world.
Data Source & Citation
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: “1929 dollars in 2003 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 18 Jan. 2020, https://www.officialdata.org/1929-AUD-in-2003.
Special thanks to QuickChart for providing downloadable chart images.
in2013dollars.com is a reference website maintained by the Official Data Foundation.
| Cumulative price change | 2,624.14% |
| Average inflation rate | 4.57% |
| Converted amount ($100 base) | $2,724.14 |
| Price difference ($100 base) | $2,624.14 |
| CPI in 1929 | 2.900 |
| CPI in 2003 | 79.000 |
| Inflation in 1929 | 0.00% |
| Inflation in 2003 | 2.73% |