The Australian dollar has lost 43% its value since 2002
Updated: April 10, 2024$100 in 2002 is equivalent in purchasing power to about $175.94 today, an increase of $75.94 over 22 years. The dollar had an average inflation rate of 2.60% per year between 2002 and today, producing a cumulative price increase of 75.94%.
This means that today's prices are 1.76 times as high as average prices since 2002, according to the Bureau of Statistics consumer price index. A dollar today only buys 56.838% of what it could buy back then.
The inflation rate in 2002 was 3.08%. 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 | 75.94% |
| Average inflation rate | 2.60% |
| Converted amount $100 base | $175.94 |
| Price difference $100 base | $75.94 |
| CPI in 2002 | 76.900 |
| CPI in 2024 | 135.300 |
| Inflation in 2002 | 3.08% |
| Inflation in 2024 | 1.05% |
| $100 in 2002 | $175.94 in 2024 |
Buying power of $100 in 2002
This chart shows a calculation of buying power equivalence for $100 in 2002 (price index tracking began in 1922).
For example, if you started with $100, you would need to end with $175.94 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
When $100 is equivalent to $175.94 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 2002 dollars, the chart below shows how $100 is worth less over 22 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 2002 amounts in today's dollars, based on the 75.94% change in prices:
| Initial value | Equivalent value |
|---|---|
| $1 dollar in 2002 | $1.76 dollars today |
| $5 dollars in 2002 | $8.80 dollars today |
| $10 dollars in 2002 | $17.59 dollars today |
| $50 dollars in 2002 | $87.97 dollars today |
| $100 dollars in 2002 | $175.94 dollars today |
| $500 dollars in 2002 | $879.71 dollars today |
| $1,000 dollars in 2002 | $1,759.43 dollars today |
| $5,000 dollars in 2002 | $8,797.14 dollars today |
| $10,000 dollars in 2002 | $17,594.28 dollars today |
| $50,000 dollars in 2002 | $87,971.39 dollars today |
| $100,000 dollars in 2002 | $175,942.78 dollars today |
| $500,000 dollars in 2002 | $879,713.91 dollars today |
| $1,000,000 dollars in 2002 | $1,759,427.83 dollars today |
How to calculate inflation rate for $100 since 2002
Our calculations use the following inflation rate formula to calculate the change in value between 2002 and today:
CPI today CPI in 2002
×
2002 AUD value
=
Today's value
Then plug in historical CPI values. The Australian CPI was 76.9 in the year 2002 and 135.3 in 2024:
135.376.9
×
$100
=
$175.94
$100 in 2002 has the same "purchasing power" or "buying power" as $175.94 in 2024.
To get the total inflation rate for the 22 years between 2002 and 2024, we use the following formula:
CPI in 2024 - CPI in 2002CPI in 2002
×
100
=
Cumulative inflation rate (22 years)
Plugging in the values to this equation, we get:
135.3 - 76.976.9
×
100
=
76%
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 2002 Australian dollars today | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 10 Apr. 2024, https://www.officialdata.org/australia/inflation/2002.
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 | 75.94% |
| Average inflation rate | 2.60% |
| Converted amount $100 base | $175.94 |
| Price difference $100 base | $75.94 |
| CPI in 2002 | 76.900 |
| CPI in 2024 | 135.300 |
| Inflation in 2002 | 3.08% |
| Inflation in 2024 | 1.05% |
| $100 in 2002 | $175.94 in 2024 |