Narrative:

Both pilots set altimeters 30.54 versus correct 29.54. When atc advised we were 500 ft low; we corrected altimeter setting and then shortly after correcting altitude; initiated a go around and did a second approach.

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Original NASA ASRS Text

Title: A319 flight crew reports incorrectly setting the altimeters to 30.54 passing through 18;000 FT during descent; instead of the correct setting of 29.54. During approach ATC issues a low altitude alert and the crew goes around; the second approach is successful.

Narrative: Both pilots set altimeters 30.54 versus correct 29.54. When atc advised we were 500 FT low; we corrected altimeter setting and then shortly after correcting altitude; initiated a go around and did a second approach.

Data retrieved from NASA's ASRS site as of April 2012 and automatically converted to unabbreviated mixed upper/lowercase text. This report is for informational purposes with no guarantee of accuracy. See NASA's ASRS site for official report.