$

Value of 1998 Australian Dollars today

$100 in 1998
$199.35 in 2022

The inflation rate in Australia between 1998 and today has been 99.35%, which translates into a total increase of $99.35. This means that 100 dollars in 1998 are equivalent to 199.35 dollars in 2022. In other words, the purchasing power of $100 in 1998 equals $199.35 today. The average annual inflation rate between these periods has been 2.92%.

Inflation timeline in Australia (1998 - 2022)

The following chart depicts the equivalence of $100 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 1998-2021 77.12%
Cumulative inflation 1998-today 99.35%
Avg. Annual inflation 1998-2021 2.52%
CPI 1998 62.62
CPI 2021 110.91
CPI 2022-Q3 (latest official data) 119.25
CPI today 124.83

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 1998 and 2021, use the corresponding CPI values:

Value2021
=Value1998 ×
CPI2021/CPI1998
=$ 100 ×
110.91/62.62
$177.12

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 124.83:

Valuetoday
=Value1998 ×
CPItoday/CPI1998
=$ 100 ×
124.83/62.62
$199.35

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 $100 worth today. There are 23 years between 1998 and 2021 and the average inflation rate was 2.5167%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=$100 × (1 + 0.025167)23
$177.12

Australia inflation - Conversion table

Initial Value Equivalent value
$1 dollar in 1998 $1.77 dollars in 2021
$5 dollars in 1998 $8.86 dollars in 2021
$10 dollars in 1998 $17.71 dollars in 2021
$50 dollars in 1998 $88.56 dollars in 2021
$100 dollars in 1998 $177.12 dollars in 2021
$500 dollars in 1998 $885.61 dollars in 2021
$1,000 dollars in 1998 $1,771.23 dollars in 2021
$5,000 dollars in 1998 $8,856.14 dollars in 2021
$10,000 dollars in 1998 $17,712.28 dollars in 2021
$50,000 dollars in 1998 $88,561.39 dollars in 2021
$100,000 dollars in 1998 $177,122.79 dollars in 2021
$500,000 dollars in 1998 $885,613.93 dollars in 2021
$1,000,000 dollars in 1998 $1,771,227.87 dollars in 2021
Cumulative inflation From 1998 99.35%
Avg. annual inflation From 1998 2.92%
CPI 1998 62.62
CPI today 124.83

Value of Dollar over time (by year)

Period Value
1998 100
1999 101.48
2000 106.01
2001 110.68
2002 113.98
2003 117.09
2004 119.84
2005 123.06
2006 127.44
2007 130.4
2008 136.08
2009 138.49
2010 142.53
2011 147.24
2012 149.83
2013 153.5
2014 157.32
2015 159.7
2016 161.74
2017 164.89
2018 168.04
2019 170.75
2020 172.19
2021 177.12
2022-Q3 190.43
Today 199.35

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 |

Other currencies: