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Value of 1966 Australian Dollars today

$100 in 1966
$1,558.36 in 2022

The inflation rate in Australia between 1966 and today has been 1,458.36%, which translates into a total increase of $1,458.36. This means that 100 dollars in 1966 are equivalent to 1,558.36 dollars in 2022. In other words, the purchasing power of $100 in 1966 equals $1,558.36 today. The average annual inflation rate between these periods has been 5.03%.

Inflation timeline in Australia (1966 - 2022)

The following chart depicts the equivalence of $100 due to compound inflation and CPI changes. All values are equivalent in terms of purchasing 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 extrapolated from the latest 12-month rolling average official data.

The following table contains relevant indicators:

Indicator Value
Cumulative inflation 1966-2021 1,284.64%
Cumulative inflation 1966-today 1,458.36%
Avg. Annual inflation 1966-2021 4.89%
CPI 1966 8.01
CPI 2021 110.91
CPI 2022-Q3 (latest official data) 119.25
CPI today 124.83

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 Consumer Price Index (CPI) formula or the compound interest formula.

Using the CPI formula

When we have both the start and end years, we can use the following formula:

Valuet =Value0 ×
CPIt/CPI0

To obtain the values equivalent in buying power between 1966 and 2021, use the corresponding CPI values:

Value2021
=Value1966 ×
CPI2021/CPI1966
=$ 100 ×
110.91/8.01
$1,384.64

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 124.83:

Valuetoday
=Value1966 ×
CPItoday/CPI1966
=$ 100 ×
124.83/8.01
$1,558.36

Alternative: Using the compound interest formula

Given that money changes with time as a result of an inflation rate that acts as compound interest, we can use the following formula: 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 55 years between 1966 and 2021 and the average inflation rate was 4.8942%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=$100 × (1 + 0.048942)55
$1,384.64

Australia inflation - Conversion table

Initial Value Equivalent value
$1 dollar in 1966 $13.85 dollars in 2021
$5 dollars in 1966 $69.23 dollars in 2021
$10 dollars in 1966 $138.46 dollars in 2021
$50 dollars in 1966 $692.32 dollars in 2021
$100 dollars in 1966 $1,384.64 dollars in 2021
$500 dollars in 1966 $6,923.19 dollars in 2021
$1,000 dollars in 1966 $13,846.38 dollars in 2021
$5,000 dollars in 1966 $69,231.9 dollars in 2021
$10,000 dollars in 1966 $138,463.81 dollars in 2021
$50,000 dollars in 1966 $692,319.03 dollars in 2021
$100,000 dollars in 1966 $1,384,638.07 dollars in 2021
$500,000 dollars in 1966 $6,923,190.34 dollars in 2021
$1,000,000 dollars in 1966 $13,846,380.67 dollars in 2021
Cumulative inflation From 1966 1,458.36%
Avg. annual inflation From 1966 5.03%
CPI 1966 8.01
CPI today 124.83

Value of Dollar over time (by year)

Period Value
1966 100
1967 103.48
1968 106.09
1969 109.57
1970 113.33
1971 120.29
1972 127.54
1973 139.13
1974 160.58
1975 184.93
1976 209.57
1977 235.36
1978 254.2
1979 277.39
1980 305.51
1981 334.49
1982 372.46
1983 409.86
1984 426.09
1985 454.78
1986 495.94
1987 538.26
1988 577.1
1989 620.58
1990 666.09
1991 687.25
1992 694.2
1993 706.38
1994 720.29
1995 753.62
1996 773.33
1997 775.07
1998 781.74
1999 793.33
2000 828.7
2001 865.22
2002 891.01
2003 915.36
2004 936.81
2005 962.03
2006 996.23
2007 1,019.42
2008 1,063.77
2009 1,082.61
2010 1,114.2
2011 1,151.01
2012 1,171.3
2013 1,200
2014 1,229.86
2015 1,248.41
2016 1,264.35
2017 1,288.99
2018 1,313.62
2019 1,334.78
2020 1,346.09
2021 1,384.64
2022-Q3 1,488.7
Today 1,558.36

All available years

Today's value of australian dollars by year:

1950 | 1951 | 1952 | 1953 | 1954 | 1955 | 1956 | 1957 | 1958 | 1959 | 1960 | 1961 | 1962 | 1963 | 1964 | 1965 | 1966 | 1967 | 1968 | 1969 | 1970 | 1971 | 1972 | 1973 | 1974 | 1975 | 1976 | 1977 | 1978 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |

Other currencies: