Value of 2002 Australian Dollars today

$100 in 2002

$150.53 in 2018

The inflation rate in Australia between 2002 and today has been 50.53%, which translates into a total increase of $50.53. This means that 100 dolars in 2002 are equivalent to 150.53 dolars in 2018. In other words, the purchasing power of $100 in 2002 equals $150.53 today. The average annual inflation rate has been 2.44%.

Inflation timeline in Australia (2002-2018)

The following chart ilustrates the equivalence of $100 throughout the years due to inflation and CPI changes. All values are equivalent in terms of purchashing 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 obtained by estimating figures from recent trends.

The following table contains relevant indicators:

Indicator Value
Total Inflation (2002-2018) 48.67%
Total Inflation* 50.53%
Annual inflation avg. (2002-2018) 2.51%
Annual inflation avg.* 2.44%
CPI 2002 70.03
CPI 2018 104.11
CPI today* 105.41
$1 in 2002 $1.49 in 2018

* Values extrapolated from the last official data to obtain today's values.

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 compound interest formula or the Consumer Price Index (CPI) formula.

Using the compound interest formula

Given that money changes in time as a result of an inflation rate that acts as a compound interest, the following formula can be used: 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 16 years between 2002 and 2018 and the average inflation rate has been 2.4351%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = $100 * (1 + 0.02)16 = $148.67

Using the CPI formula

When the CPI for both start and end years is known, the following formula can be used:

Final value = Initial value *
CPI final/CPI initial

In this case, the CPI in 2002 was 70.03 and the CPI today is 105.41. Therefore,

Final value = Initial value *
CPI final/CPI initial
= $100 *
104.11/70.03
= $148.67

Australia inflation - Conversion table

Initial Value Equivalent value
$1 dollar in 2002 $1.51 dolars today
$5 dolars in 2002 $7.53 dolars today
$10 dolars in 2002 $15.05 dolars today
$50 dolars in 2002 $75.27 dolars today
$100 dolars in 2002 $150.53 dolars today
$500 dolars in 2002 $752.66 dolars today
$1,000 dolars in 2002 $1,505.31 dolars today
$5,000 dolars in 2002 $7,526.56 dolars today
$10,000 dolars in 2002 $15,053.12 dolars today
$50,000 dolars in 2002 $75,265.62 dolars today
$100,000 dolars in 2002 $150,531.25 dolars today
$500,000 dolars in 2002 $752,656.25 dolars today
$1,000,000 dolars in 2002 $1,505,312.5 dolars today

Value of Dollar in time (by year)

Period Value
2002 100
2003 102.92
2004 105.44
2005 108.09
2006 111.14
2007 114.85
2008 118.17
2009 122.55
2010 125.07
2011 128.51
2012 132.36
2013 135.28
2014 138.99
2015 141.38
2016 143.77
2017 145.89
2018 148.67
Today 150.53