Value of 1960 Australian Dollars today

$100 in 1960

$1,513.34 in 2018

The inflation rate in Australia between 1960 and today has been 1,413.34%, which translates into a total increase of $1,413.34. This means that 100 dolars in 1960 are equivalent to 1,513.34 dolars in 2018. In other words, the purchasing power of $100 in 1960 equals $1,513.34 today. The average annual inflation rate has been 4.71%.

Inflation timeline in Australia (1960-2018)

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 (1960-2018) 1,394.67%
Total Inflation* 1,413.34%
Annual inflation avg. (1960-2018) 4.77%
Annual inflation avg.* 4.71%
CPI 1960 6.97
CPI 2018 104.11
CPI today* 105.41
$1 in 1960 $14.95 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 58 years between 1960 and 2018 and the average inflation rate has been 4.7126%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = $100 * (1 + 0.05)58 = $1,494.67

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 1960 was 6.97 and the CPI today is 105.41. Therefore,

Final value = Initial value *
CPI final/CPI initial
= $100 *
104.11/6.97
= $1,494.67

Australia inflation - Conversion table

Initial Value Equivalent value
$1 dollar in 1960 $15.13 dolars today
$5 dolars in 1960 $75.67 dolars today
$10 dolars in 1960 $151.33 dolars today
$50 dolars in 1960 $756.67 dolars today
$100 dolars in 1960 $1,513.34 dolars today
$500 dolars in 1960 $7,566.7 dolars today
$1,000 dolars in 1960 $15,133.41 dolars today
$5,000 dolars in 1960 $75,667.04 dolars today
$10,000 dolars in 1960 $151,334.09 dolars today
$50,000 dolars in 1960 $756,670.43 dolars today
$100,000 dolars in 1960 $1,513,340.87 dolars today
$500,000 dolars in 1960 $7,566,704.33 dolars today
$1,000,000 dolars in 1960 $15,133,408.66 dolars today

Value of Dollar in time (by year)

Period Value
1960 100
1961 104
1962 104
1963 104
1964 105.33
1965 109.33
1966 113.33
1967 116
1968 120
1969 122.67
1970 126.67
1971 133.33
1972 142.67
1973 149.33
1974 168
1975 196
1976 224
1977 256
1978 280
1979 301.33
1980 332
1981 362.67
1982 402.67
1983 448
1984 486.67
1985 498.67
1986 540
1987 592
1988 634.67
1989 682.67
1990 736
1991 786.67
1992 798.67
1993 801.33
1994 816
1995 837.33
1996 880
1997 893.33
1998 890.67
1999 904
2000 921.33
2001 974.67
2002 1,005.33
2003 1,034.67
2004 1,060
2005 1,086.67
2006 1,117.33
2007 1,154.67
2008 1,188
2009 1,232
2010 1,257.33
2011 1,292
2012 1,330.67
2013 1,360
2014 1,397.33
2015 1,421.33
2016 1,445.33
2017 1,466.67
2018 1,494.67
Today 1,513.34