According to the Bureau of Statistics consumer price index, the dollar experienced an average inflation rate of 4.33% per year. Prices in 1998 are 2307.1% higher than prices in 1923.
In other words, AU$100 in 1923 is equivalent in purchasing power to AU$2,407.14 in 1998, a difference of AU$2,307.14 over 75 years.
The inflation rate in 1998 was 0.75%.
|Cumulative price change||2307.14%|
|Average inflation rate||4.33%|
|Converted amount (AU$100 base)||AU$2,407.14|
|Price difference (AU$100 base)||AU$2,307.14|
|CPI in 1923||2.8|
|CPI in 1998||67.4|
This inflation calculator uses the following inflation rate formula:
CPI in 1998 / CPI in 1923 * 1923 AUD value = 1998 AUD value
Then plug in historical CPI values. The Australian CPI was 2.8 in the year 1923 and 67.4 in 1998:
67.4 / 2.8 * AU$100 = AU$2,407.14
AU$100 in 1923 has the same "purchasing power" or "buying power" as AU$2,407.14 in 1998.
Politics and news often influence economic performance. Here's what was happening at the time:
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: “1923 dollars in 1998 | Australia Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 23 Jun. 2018, https://www.officialdata.org/1923-AUD-in-1998.