According to the Bureau of Statistics consumer price index, the dollar experienced an average inflation rate of 4.79% per year. Prices in 1996 are 2200.0% higher than prices in 1929.
In other words, AU$100 in 1929 is equivalent in purchasing power to AU$2,300 in 1996, a difference of AU$2,200.00 over 67 years.
The inflation rate in 1996 was 2.62%.
|Cumulative price change||2200.00%|
|Average inflation rate||4.79%|
|Converted amount (AU$100 base)||AU$2,300|
|Price difference (AU$100 base)||AU$2,200.00|
|CPI in 1929||2.9|
|CPI in 1996||66.7|
This inflation calculator uses the following inflation rate formula:
CPI in 1996 / CPI in 1929 * 1929 AUD value = 1996 AUD value
Then plug in historical CPI values. The Australian CPI was 2.9 in the year 1929 and 66.7 in 1996:
66.7 / 2.9 * AU$100 = AU$2,300
AU$100 in 1929 has the same "purchasing power" or "buying power" as AU$2,300 in 1996.
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: “1929 dollars in 1996 | Australia Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 23 Jun. 2018, https://www.officialdata.org/1929-AUD-in-1996.