$495 in 1950 is worth $15,570 in 2024

Buying power of $495 in 1950

This chart shows a calculation of buying power equivalence for $495 in 1950 (price index tracking began in 1922).

For example, if you started with $495, you would need to end with $15,570 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When $495 is equivalent to $15,570 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 1950 dollars, the chart below shows how $495 is worth less over 74 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 1950 amounts in 2024 dollars, based on the 3,045.45% change in prices:

How to calculate inflation rate for $495, 1950 to 2024

Our calculations use the following inflation rate formula to calculate the change in value between 1950 and 2024:

Then plug in historical CPI values. The Australian CPI was 4.4 in the year 1950 and 138.4 in 2024:

$495 in 1950 has the same "purchasing power" or "buying power" as $15,570 in 2024.

To get the total inflation rate for the 74 years between 1950 and 2024, we use the following formula:

Plugging in the values to this equation, we get:

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).

» Read more about inflation and investment.