Value of $120 from 1989 to 2024
$120 in 1989 is equivalent in purchasing power to about $303.48 today, an increase of $183.48 over 35 years. The dollar had an average inflation rate of 2.69% per year between 1989 and today, producing a cumulative price increase of 152.90%.
This means that today's prices are 2.53 times as high as average prices since 1989, according to the Bureau of Statistics consumer price index. A dollar today only buys 39.541% of what it could buy back then.
The inflation rate in 1989 was 7.43%. The current inflation rate compared to the end of last year is now 1.05%. If this number holds, $120 today will be equivalent in buying power to $121.25 next year.
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| Cumulative price change | 152.90% |
| Average inflation rate | 2.69% |
| Converted amount $120 base | $303.48 |
| Price difference $120 base | $183.48 |
| CPI in 1989 | 53.500 |
| CPI in 2024 | 135.300 |
| Inflation in 1989 | 7.43% |
| Inflation in 2024 | 1.05% |
| $120 in 1989 | $303.48 in 2024 |
Buying power of $120 in 1989
This chart shows a calculation of buying power equivalence for $120 in 1989 (price index tracking began in 1922).
For example, if you started with $120, you would need to end with $303.48 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
When $120 is equivalent to $303.48 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 1989 dollars, the chart below shows how $120 is worth less over 35 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 1989 amounts in today's dollars, based on the 152.90% change in prices:
| Initial value | Equivalent value |
|---|---|
| $1 dollar in 1989 | $2.53 dollars today |
| $5 dollars in 1989 | $12.64 dollars today |
| $10 dollars in 1989 | $25.29 dollars today |
| $50 dollars in 1989 | $126.45 dollars today |
| $100 dollars in 1989 | $252.90 dollars today |
| $500 dollars in 1989 | $1,264.49 dollars today |
| $1,000 dollars in 1989 | $2,528.97 dollars today |
| $5,000 dollars in 1989 | $12,644.86 dollars today |
| $10,000 dollars in 1989 | $25,289.72 dollars today |
| $50,000 dollars in 1989 | $126,448.60 dollars today |
| $100,000 dollars in 1989 | $252,897.20 dollars today |
| $500,000 dollars in 1989 | $1,264,485.98 dollars today |
| $1,000,000 dollars in 1989 | $2,528,971.96 dollars today |
How to calculate inflation rate for $120 since 1989
Our calculations use the following inflation rate formula to calculate the change in value between 1989 and today:
CPI today CPI in 1989
×
1989 AUD value
=
Today's value
Then plug in historical CPI values. The Australian CPI was 53.5 in the year 1989 and 135.3 in 2024:
135.353.5
×
$120
=
$303.48
$120 in 1989 has the same "purchasing power" or "buying power" as $303.48 in 2024.
To get the total inflation rate for the 35 years between 1989 and 2024, we use the following formula:
CPI in 2024 - CPI in 1989CPI in 1989
×
100
=
Cumulative inflation rate (35 years)
Plugging in the values to this equation, we get:
135.3 - 53.553.5
×
100
=
153%
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: “$120 in 1989 → 2024 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 20 Apr. 2024, https://www.officialdata.org/australia/inflation/1989?amount=120.
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 | 152.90% |
| Average inflation rate | 2.69% |
| Converted amount $120 base | $303.48 |
| Price difference $120 base | $183.48 |
| CPI in 1989 | 53.500 |
| CPI in 2024 | 135.300 |
| Inflation in 1989 | 7.43% |
| Inflation in 2024 | 1.05% |
| $120 in 1989 | $303.48 in 2024 |