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Value of 1983 Australian Dollars today

$20 in 1983
$79.86 in 2024

The inflation rate in Australia between 1983 and today has been 299.28%, which translates into a total increase of $59.86. This means that 20 dollars in 1983 are equivalent to 79.86 dollars in 2024. In other words, the purchasing power of $20 in 1983 equals $79.86 today. The average annual inflation rate between these periods has been 3.43%.

Inflation timeline in Australia (1983 - 2024)

The following chart depicts the equivalence of $20 due to compound inflation and CPI changes. All values are equivalent in terms of purchasing power, which means that for each year the same goods or services could be bought with the indicated amount of money.

All calculations are performed in the local currency (AUD) and using 6 decimal digits. Results show only up to 2 decimal digits to favour readability. Inflation data is provided by governments and international institutions on a monthly basis. Today's values were extrapolated from the latest 12-month rolling average official data.

The following table contains relevant indicators:

Indicator Value
Cumulative inflation 1983-2023 280.27%
Cumulative inflation 1983-today 299.28%
Avg. Annual inflation 1983-2023 3.4%
CPI 1983 32.83
CPI 2023 124.84
CPI 2023-Q4 (latest official data) 126.4
CPI today 131.09

How to calculate today's value of money after inflation?

There are several ways to calculate the time value of money. Depending on the data available, results can be obtained by using the Consumer Price Index (CPI) formula or the compound interest formula.

Using the CPI formula

When we have both the start and end years, we can use the following formula:

Valuet =Value0 ×
CPIt/CPI0

To obtain the values equivalent in buying power between 1983 and 2023, use the corresponding CPI values:

Value2023
=Value1983 ×
CPI2023/CPI1983
=$ 20 ×
124.84/32.83
$76.05

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 131.09:

Valuetoday
=Value1983 ×
CPItoday/CPI1983
=$ 20 ×
131.09/32.83
$79.86

Alternative: Using the compound interest formula

Given that money changes with time as a result of an inflation rate that acts as compound interest, we can use the following formula: FV = PV × (1 + i)n, where:

  • FV: Future Value
  • PV: Present Value
  • i: Interest rate (inflation)
  • n: Number of times the interest is compounded (i.e. # of years)

In this case, the future value represents the final amount obtained after applying the inflation rate to our initial value. In other words, it indicates how much are $20 worth today. There are 40 years between 1983 and 2023 and the average inflation rate was 3.3956%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=$20 × (1 + 0.033956)40
$76.05

Australia inflation - Conversion table

Initial Value Equivalent value
$1 dollar in 1983 $3.8 dollars in 2023
$5 dollars in 1983 $19.01 dollars in 2023
$10 dollars in 1983 $38.03 dollars in 2023
$50 dollars in 1983 $190.13 dollars in 2023
$100 dollars in 1983 $380.27 dollars in 2023
$500 dollars in 1983 $1,901.34 dollars in 2023
$1,000 dollars in 1983 $3,802.69 dollars in 2023
$5,000 dollars in 1983 $19,013.44 dollars in 2023
$10,000 dollars in 1983 $38,026.88 dollars in 2023
$50,000 dollars in 1983 $190,134.38 dollars in 2023
$100,000 dollars in 1983 $380,268.76 dollars in 2023
$500,000 dollars in 1983 $1,901,343.82 dollars in 2023
$1,000,000 dollars in 1983 $3,802,687.64 dollars in 2023
Cumulative inflation From 1983 299.28%
Avg. annual inflation From 1983 3.43%
CPI 1983 32.83
CPI today 131.09

Value of Dollar over time (by year)

Period Value
1983 20
1984 20.79
1985 22.19
1986 24.2
1987 26.27
1988 28.16
1989 30.28
1990 32.5
1991 33.54
1992 33.88
1993 34.47
1994 35.15
1995 36.78
1996 37.74
1997 37.82
1998 38.15
1999 38.71
2000 40.44
2001 42.22
2002 43.48
2003 44.67
2004 45.71
2005 46.94
2006 48.61
2007 49.75
2008 51.91
2009 52.83
2010 54.37
2011 56.17
2012 57.16
2013 58.56
2014 60.01
2015 60.92
2016 61.7
2017 62.9
2018 64.1
2019 65.13
2020 65.69
2021 67.57
2022 72.02
2023 76.05
2023-Q4 77
Today 79.86

All available years

Today's value of australian dollars by year:

1950 | 1951 | 1952 | 1953 | 1954 | 1955 | 1956 | 1957 | 1958 | 1959 | 1960 | 1961 | 1962 | 1963 | 1964 | 1965 | 1966 | 1967 | 1968 | 1969 | 1970 | 1971 | 1972 | 1973 | 1974 | 1975 | 1976 | 1977 | 1978 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |

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