Value of $1,000 from 2022 to 2024
$1,000 in 2022 is equivalent in purchasing power to about $1,062.84 today, an increase of $62.84 over 2 years. The dollar had an average inflation rate of 3.09% per year between 2022 and today, producing a cumulative price increase of 6.28%.
This means that today's prices are 1.06 times as high as average prices since 2022, according to the Bureau of Statistics consumer price index. A dollar today only buys 94.088% of what it could buy back then.
The inflation rate in 2022 was 6.62%. The current inflation rate compared to the end of last year is now 1.05%. If this number holds, $1,000 today will be equivalent in buying power to $1,010.46 next year.
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| Cumulative price change | 6.28% |
| Average inflation rate | 3.09% |
| Converted amount $1,000 base | $1,062.84 |
| Price difference $1,000 base | $62.84 |
| CPI in 2022 | 127.300 |
| CPI in 2024 | 135.300 |
| Inflation in 2022 | 6.62% |
| Inflation in 2024 | 1.05% |
| $1,000 in 2022 | $1,062.84 in 2024 |
Buying power of $1,000 in 2022
This chart shows a calculation of buying power equivalence for $1,000 in 2022 (price index tracking began in 1922).
For example, if you started with $1,000, you would need to end with $1,062.84 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
When $1,000 is equivalent to $1,062.84 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 2022 dollars, the chart below shows how $1,000 is worth less over 2 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 2022 amounts in today's dollars, based on the 6.28% change in prices:
| Initial value | Equivalent value |
|---|---|
| $1 dollar in 2022 | $1.06 dollars today |
| $5 dollars in 2022 | $5.31 dollars today |
| $10 dollars in 2022 | $10.63 dollars today |
| $50 dollars in 2022 | $53.14 dollars today |
| $100 dollars in 2022 | $106.28 dollars today |
| $500 dollars in 2022 | $531.42 dollars today |
| $1,000 dollars in 2022 | $1,062.84 dollars today |
| $5,000 dollars in 2022 | $5,314.22 dollars today |
| $10,000 dollars in 2022 | $10,628.44 dollars today |
| $50,000 dollars in 2022 | $53,142.18 dollars today |
| $100,000 dollars in 2022 | $106,284.37 dollars today |
| $500,000 dollars in 2022 | $531,421.84 dollars today |
| $1,000,000 dollars in 2022 | $1,062,843.68 dollars today |
How to calculate inflation rate for $1,000 since 2022
Our calculations use the following inflation rate formula to calculate the change in value between 2022 and today:
CPI today CPI in 2022
×
2022 AUD value
=
Today's value
Then plug in historical CPI values. The Australian CPI was 127.3 in the year 2022 and 135.3 in 2024:
135.3127.3
×
$1,000
=
$1,062.84
$1,000 in 2022 has the same "purchasing power" or "buying power" as $1,062.84 in 2024.
To get the total inflation rate for the 2 years between 2022 and 2024, we use the following formula:
CPI in 2024 - CPI in 2022CPI in 2022
×
100
=
Cumulative inflation rate (2 years)
Plugging in the values to this equation, we get:
135.3 - 127.3127.3
×
100
=
6%
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).
You may use the following MLA citation for this page: “$1,000 in 2022 → 2024 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 21 Dec. 2024, https://www.officialdata.org/australia/inflation/2022?amount=1000.
Special thanks to QuickChart for their chart image API, which is used for chart downloads.
in2013dollars.com is a reference website maintained by the Official Data Foundation.
| Cumulative price change | 6.28% |
| Average inflation rate | 3.09% |
| Converted amount $1,000 base | $1,062.84 |
| Price difference $1,000 base | $62.84 |
| CPI in 2022 | 127.300 |
| CPI in 2024 | 135.300 |
| Inflation in 2022 | 6.62% |
| Inflation in 2024 | 1.05% |
| $1,000 in 2022 | $1,062.84 in 2024 |