The Australian dollar has lost 98% its value since 1938
Updated: November 13, 2024$100 in 1938 is equivalent in purchasing power to about $5,203.85 today, an increase of $5,103.85 over 86 years. The dollar had an average inflation rate of 4.70% per year between 1938 and today, producing a cumulative price increase of 5,103.85%.
This means that today's prices are 52.04 times as high as average prices since 1938, according to the Bureau of Statistics consumer price index. A dollar today only buys 1.922% of what it could buy back then.
The inflation rate in 1938 was 4.00%. The current inflation rate compared to the end of last year is now 1.05%. If this number holds, $100 today will be equivalent in buying power to $101.05 next year.
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| Cumulative price change | 5,103.85% |
| Average inflation rate | 4.70% |
| Converted amount $100 base | $5,203.85 |
| Price difference $100 base | $5,103.85 |
| CPI in 1938 | 2.600 |
| CPI in 2024 | 135.300 |
| Inflation in 1938 | 4.00% |
| Inflation in 2024 | 1.05% |
| $100 in 1938 | $5,203.85 in 2024 |
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 $5,203.85 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
When $100 is equivalent to $5,203.85 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 86 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 today's dollars, based on the 5,103.85% change in prices:
| Initial value | Equivalent value |
|---|---|
| $1 dollar in 1938 | $52.04 dollars today |
| $5 dollars in 1938 | $260.19 dollars today |
| $10 dollars in 1938 | $520.38 dollars today |
| $50 dollars in 1938 | $2,601.92 dollars today |
| $100 dollars in 1938 | $5,203.85 dollars today |
| $500 dollars in 1938 | $26,019.23 dollars today |
| $1,000 dollars in 1938 | $52,038.46 dollars today |
| $5,000 dollars in 1938 | $260,192.31 dollars today |
| $10,000 dollars in 1938 | $520,384.62 dollars today |
| $50,000 dollars in 1938 | $2,601,923.08 dollars today |
| $100,000 dollars in 1938 | $5,203,846.15 dollars today |
| $500,000 dollars in 1938 | $26,019,230.77 dollars today |
| $1,000,000 dollars in 1938 | $52,038,461.54 dollars today |
How to calculate inflation rate for $100 since 1938
Our calculations use the following inflation rate formula to calculate the change in value between 1938 and today:
CPI today CPI in 1938
×
1938 AUD value
=
Today's value
Then plug in historical CPI values. The Australian CPI was 2.6 in the year 1938 and 135.3 in 2024:
135.32.6
×
$100
=
$5,203.85
$100 in 1938 has the same "purchasing power" or "buying power" as $5,203.85 in 2024.
To get the total inflation rate for the 86 years between 1938 and 2024, we use the following formula:
CPI in 2024 - CPI in 1938CPI in 1938
×
100
=
Cumulative inflation rate (86 years)
Plugging in the values to this equation, we get:
135.3 - 2.62.6
×
100
=
5,104%
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: “Value of 1938 Australian dollars today | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 3 Dec. 2024, https://www.officialdata.org/australia/inflation/1938.
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 | 5,103.85% |
| Average inflation rate | 4.70% |
| Converted amount $100 base | $5,203.85 |
| Price difference $100 base | $5,103.85 |
| CPI in 1938 | 2.600 |
| CPI in 2024 | 135.300 |
| Inflation in 1938 | 4.00% |
| Inflation in 2024 | 1.05% |
| $100 in 1938 | $5,203.85 in 2024 |