The inflation rate in Australia between 1966 and today has been 1,540.33%, which translates into a total increase of $92.42. This means that 6 dollars in 1966 are equivalent to 98.42 dollars in 2024. In other words, the purchasing power of $6 in 1966 equals $98.42 today. The average annual inflation rate between these periods has been 4.94%.
The following chart depicts the equivalence of $6 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 1966-2023 | 1,458.55% |
| Cumulative inflation 1966-today | 1,540.33% |
| Avg. Annual inflation 1966-2023 | 4.94% |
| CPI 1966 | 8.01 |
| CPI 2023 | 124.84 |
| CPI 2023-Q4 (latest official data) | 126.4 |
| CPI today | 131.39 |
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.
When we have both the start and end years, we can use the following formula:
To obtain the values equivalent in buying power between 1966 and 2023, use the corresponding CPI values:
To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 131.39:
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:
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 $6 worth today. There are 57 years between 1966 and 2023 and the average inflation rate was 4.9361%. Therefore, we can resolve the formula like this:
| Initial Value | Equivalent value | |
|---|---|---|
| $1 dollar in 1966 | → | $15.59 dollars in 2023 |
| $5 dollars in 1966 | → | $77.93 dollars in 2023 |
| $10 dollars in 1966 | → | $155.86 dollars in 2023 |
| $50 dollars in 1966 | → | $779.28 dollars in 2023 |
| $100 dollars in 1966 | → | $1,558.55 dollars in 2023 |
| $500 dollars in 1966 | → | $7,792.75 dollars in 2023 |
| $1,000 dollars in 1966 | → | $15,585.51 dollars in 2023 |
| $5,000 dollars in 1966 | → | $77,927.55 dollars in 2023 |
| $10,000 dollars in 1966 | → | $155,855.1 dollars in 2023 |
| $50,000 dollars in 1966 | → | $779,275.49 dollars in 2023 |
| $100,000 dollars in 1966 | → | $1,558,550.98 dollars in 2023 |
| $500,000 dollars in 1966 | → | $7,792,754.9 dollars in 2023 |
| $1,000,000 dollars in 1966 | → | $15,585,509.8 dollars in 2023 |
| Cumulative inflation From 1966 | 1,540.33% |
| Avg. annual inflation From 1966 | 4.94% |
| CPI 1966 | 8.01 |
| CPI today | 131.39 |
| Period | Value |
|---|---|
| 1966 | 6 |
| 1967 | 6.21 |
| 1968 | 6.37 |
| 1969 | 6.57 |
| 1970 | 6.8 |
| 1971 | 7.22 |
| 1972 | 7.65 |
| 1973 | 8.35 |
| 1974 | 9.63 |
| 1975 | 11.1 |
| 1976 | 12.57 |
| 1977 | 14.12 |
| 1978 | 15.25 |
| 1979 | 16.64 |
| 1980 | 18.33 |
| 1981 | 20.07 |
| 1982 | 22.35 |
| 1983 | 24.59 |
| 1984 | 25.57 |
| 1985 | 27.29 |
| 1986 | 29.76 |
| 1987 | 32.3 |
| 1988 | 34.63 |
| 1989 | 37.23 |
| 1990 | 39.97 |
| 1991 | 41.23 |
| 1992 | 41.65 |
| 1993 | 42.38 |
| 1994 | 43.22 |
| 1995 | 45.22 |
| 1996 | 46.4 |
| 1997 | 46.5 |
| 1998 | 46.9 |
| 1999 | 47.6 |
| 2000 | 49.72 |
| 2001 | 51.91 |
| 2002 | 53.46 |
| 2003 | 54.92 |
| 2004 | 56.21 |
| 2005 | 57.72 |
| 2006 | 59.77 |
| 2007 | 61.17 |
| 2008 | 63.83 |
| 2009 | 64.96 |
| 2010 | 66.85 |
| 2011 | 69.06 |
| 2012 | 70.28 |
| 2013 | 72 |
| 2014 | 73.79 |
| 2015 | 74.9 |
| 2016 | 75.86 |
| 2017 | 77.34 |
| 2018 | 78.82 |
| 2019 | 80.09 |
| 2020 | 80.77 |
| 2021 | 83.08 |
| 2022 | 88.56 |
| 2023 | 93.51 |
| 2023-Q4 | 94.68 |
| Today | 98.42 |
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 | 2022 | 2023 |
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