Value of $100 from 1938 to 2004
According to the Bureau of Statistics consumer price index, prices in 2004 are 3,007.69% higher than average prices since 1938. The Australian dollar experienced an average inflation rate of 5.34% per year during this period, causing the real value of a dollar to decrease.
In other words, $100 in 1938 is equivalent in purchasing power to about $3,107.69 in 2004, a difference of $3,007.69 over 66 years.
The 1938 inflation rate was 4.00%. The inflation rate in 2004 was 2.28%. The 2004 inflation rate is lower compared to the average inflation rate of 2.34% per year between 2004 and 2020.
⌃
| Cumulative price change | 3,007.69% |
| Average inflation rate | 5.34% |
| Converted amount ($100 base) | $3,107.69 |
| Price difference ($100 base) | $3,007.69 |
| CPI in 1938 | 2.600 |
| CPI in 2004 | 80.800 |
| Inflation in 1938 | 4.00% |
| Inflation in 2004 | 2.28% |
Buying power of $100 in 1938
This chart shows a calculation of buying power equivalence for $100 in 1938 (price index tracking began in 1922).
For example, if you started with $100, you would need to end with $3,107.69 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
When $100 is equivalent to $3,107.69 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 1938 dollars, the chart below shows how $100 is worth less over 66 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 conversion table shows various other 1938 amounts in 2004 dollars, based on the 3,007.69% change in prices:
| Initial value | Equivalent value |
|---|---|
| $1 dollar in 1938 | $31.08 dollars in 2004 |
| $5 dollars in 1938 | $155.38 dollars in 2004 |
| $10 dollars in 1938 | $310.77 dollars in 2004 |
| $50 dollars in 1938 | $1,553.85 dollars in 2004 |
| $100 dollars in 1938 | $3,107.69 dollars in 2004 |
| $500 dollars in 1938 | $15,538.46 dollars in 2004 |
| $1,000 dollars in 1938 | $31,076.92 dollars in 2004 |
| $5,000 dollars in 1938 | $155,384.62 dollars in 2004 |
| $10,000 dollars in 1938 | $310,769.23 dollars in 2004 |
| $50,000 dollars in 1938 | $1,553,846.15 dollars in 2004 |
| $100,000 dollars in 1938 | $3,107,692.31 dollars in 2004 |
| $500,000 dollars in 1938 | $15,538,461.54 dollars in 2004 |
| $1,000,000 dollars in 1938 | $31,076,923.08 dollars in 2004 |
How to Calculate Inflation Rate for $100, 1938 to 2004
Our calculations use the following inflation rate formula to calculate the change in value between 1938 and 2004:
CPI in 2004
CPI in 1938
×
1938 AUD value
=
2004 AUD value
Then plug in historical CPI values. The Australian CPI was 2.6 in the year 1938 and 80.8 in 2004:
80.82.6
×
$100
=
$3,107.69
$100 in 1938 has the same "purchasing power" or "buying power" as $3,107.69 in 2004.
To get the total inflation rate for the 66 years between 1938 and 2004, we use the following formula:
CPI in 2004 - CPI in 1938CPI in 1938
×
100
=
Cumulative inflation rate (66 years)
Plugging in the values to this equation, we get:
80.8 - 2.62.6
×
100
=
3,008%
News headlines from 1938
Politics and news often influence economic performance. Here's what was happening at the time:
- Anthony Eden resigns as United Kingdom's Foreign Secretary after stating that Prime Minister Neville Chamberlain has appeased Nazi Germany.
- Czechoslovakia is forced to give territory to Germany after the Treaty of Munich was signed by Hitler, Mussolini, Daladier and Chamberlain.
- Joseph Kennedy is named the 44th US Ambassador to the United Kingdom.
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: “1938 dollars in 2004 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 5 Jul. 2020, https://www.officialdata.org/1938-AUD-in-2004.
Special thanks to QuickChart for their chart image API, which is used for chart downloads.
in2013dollars.com is a reference website maintained by the Official Data Foundation.
| Cumulative price change | 3,007.69% |
| Average inflation rate | 5.34% |
| Converted amount ($100 base) | $3,107.69 |
| Price difference ($100 base) | $3,007.69 |
| CPI in 1938 | 2.600 |
| CPI in 2004 | 80.800 |
| Inflation in 1938 | 4.00% |
| Inflation in 2004 | 2.28% |