Value of 1956 Australian Dollars today

$100 in 1956

$1,694.04 in 2018

The inflation rate in Australia between 1956 and today has been 1,594.04%, which translates into a total increase of $1,594.04. This means that 100 dolars in 1956 are equivalent to 1,694.04 dolars in 2018. In other words, the purchasing power of $100 in 1956 equals $1,694.04 today. The average annual inflation rate has been 4.59%.

Inflation timeline in Australia (1956-2018)

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 (1956-2018) 1,573.13%
Total Inflation* 1,594.04%
Annual inflation avg. (1956-2018) 4.65%
Annual inflation avg.* 4.59%
CPI 1956 6.22
CPI 2018 104.11
CPI today* 105.41
$1 in 1956 $16.73 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 62 years between 1956 and 2018 and the average inflation rate has been 4.594%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = $100 * (1 + 0.05)62 = $1,673.13

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 1956 was 6.22 and the CPI today is 105.41. Therefore,

Final value = Initial value *
CPI final/CPI initial
= $100 *
104.11/6.22
= $1,673.13

Australia inflation - Conversion table

Initial Value Equivalent value
$1 dollar in 1956 $16.94 dolars today
$5 dolars in 1956 $84.7 dolars today
$10 dolars in 1956 $169.4 dolars today
$50 dolars in 1956 $847.02 dolars today
$100 dolars in 1956 $1,694.04 dolars today
$500 dolars in 1956 $8,470.19 dolars today
$1,000 dolars in 1956 $16,940.38 dolars today
$5,000 dolars in 1956 $84,701.91 dolars today
$10,000 dolars in 1956 $169,403.81 dolars today
$50,000 dolars in 1956 $847,019.07 dolars today
$100,000 dolars in 1956 $1,694,038.14 dolars today
$500,000 dolars in 1956 $8,470,190.69 dolars today
$1,000,000 dolars in 1956 $16,940,381.38 dolars today

Value of Dollar in time (by year)

Period Value
1956 100
1957 105.97
1958 107.46
1959 108.96
1960 111.94
1961 116.42
1962 116.42
1963 116.42
1964 117.91
1965 122.39
1966 126.87
1967 129.85
1968 134.33
1969 137.31
1970 141.79
1971 149.25
1972 159.7
1973 167.16
1974 188.06
1975 219.4
1976 250.75
1977 286.57
1978 313.43
1979 337.31
1980 371.64
1981 405.97
1982 450.75
1983 501.49
1984 544.78
1985 558.21
1986 604.48
1987 662.69
1988 710.45
1989 764.18
1990 823.88
1991 880.6
1992 894.03
1993 897.01
1994 913.43
1995 937.31
1996 985.07
1997 1,000
1998 997.01
1999 1,011.94
2000 1,031.34
2001 1,091.04
2002 1,125.37
2003 1,158.21
2004 1,186.57
2005 1,216.42
2006 1,250.75
2007 1,292.54
2008 1,329.85
2009 1,379.1
2010 1,407.46
2011 1,446.27
2012 1,489.55
2013 1,522.39
2014 1,564.18
2015 1,591.04
2016 1,617.91
2017 1,641.79
2018 1,673.13
Today 1,694.04