$1 in 2020 is equivalent in purchasing power to about $1.02 today. The dollar had an average inflation rate of 1.55% in the last 12 months. As a result, the real value of a dollar has been decreasing recently. Purchasing power decreased by 1.55% in 2021 compared to 2020. On average, you would have to spend 1.55% more money in 2021 than in 2020 for the same item.

This means that today's prices are 1.02 times higher than average prices since 2020, according to the Bureau of Statistics consumer price index. A dollar today only buys 98.04% of what it could buy back then.

The 2020 inflation rate was 0.87%. The current year-over-year inflation rate (2020 to 2021) is now 1.55%^{1}.
If this number holds, $1 today will be equivalent in buying power to $1.02 next year.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2021 is 117.90. It was 116.10 in the previous year, 2020. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.

⌃

Average inflation rate | 1.55% |

Converted amount ($1 base) | $1.02 |

Price difference ($1 base) | $0.02 |

CPI in 2020 | 116.100 |

CPI in 2021 | 117.900 |

Inflation in 2020 | 0.87% |

Inflation in 2021 | 1.55% |

$1 in 2020 | $1.02 in 2021 |

Our calculations use the following inflation rate formula to calculate the change in value between 2020 and today:

CPI today
CPI in 2020

×

2020 AUD value

=

Today's value

Then plug in historical CPI values. The Australian CPI was 116.1 in the year 2020 and 117.9 in 2021:

117.9116.1

×

$1

=

$1 in 2020 has the same "purchasing power" or "buying power" as $1.02 in 2021.

To get the total inflation rate for the 1 years between 2020 and 2021, we use the following formula:

CPI in 2021 - CPI in 2020CPI in 2020

×

100

=

Plugging in the values to this equation, we get:

117.9 - 116.1116.1

×

100

=

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: “Inflation Rate in 2021 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 20 Oct. 2021, https://www.officialdata.org/Australia-inflation-rate-in-2021.

Special thanks to QuickChart for their chart image API, which is used for chart downloads.

Average inflation rate | 1.55% |

Converted amount ($1 base) | $1.02 |

Price difference ($1 base) | $0.02 |

CPI in 2020 | 116.100 |

CPI in 2021 | 117.900 |

Inflation in 2020 | 0.87% |

Inflation in 2021 | 1.55% |

$1 in 2020 | $1.02 in 2021 |