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Value of 1971 Australian Dollars today

$100 in 1971
$1,359.43 in 2024

The inflation rate in Australia between 1971 and today has been 1,259.43%, which translates into a total increase of $1,259.43. This means that 100 dollars in 1971 are equivalent to 1,359.43 dollars in 2024. In other words, the purchasing power of $100 in 1971 equals $1,359.43 today. The average annual inflation rate between these periods has been 5.05%.

Inflation timeline in Australia (1971 - 2024)

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 1971-2023 1,195.66%
Cumulative inflation 1971-today 1,259.43%
Avg. Annual inflation 1971-2023 5.05%
CPI 1971 9.64
CPI 2023 124.84
CPI 2023-Q4 (latest official data) 126.4
CPI today 130.99

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 1971 and 2023, use the corresponding CPI values:

Value2023
=Value1971 ×
CPI2023/CPI1971
=$ 100 ×
124.84/9.64
$1,295.66

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 130.99:

Valuetoday
=Value1971 ×
CPItoday/CPI1971
=$ 100 ×
130.99/9.64
$1,359.43

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 52 years between 1971 and 2023 and the average inflation rate was 5.0495%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=$100 × (1 + 0.050495)52
$1,295.66

Australia inflation - Conversion table

Initial Value Equivalent value
$1 dollar in 1971 $12.96 dollars in 2023
$5 dollars in 1971 $64.78 dollars in 2023
$10 dollars in 1971 $129.57 dollars in 2023
$50 dollars in 1971 $647.83 dollars in 2023
$100 dollars in 1971 $1,295.66 dollars in 2023
$500 dollars in 1971 $6,478.31 dollars in 2023
$1,000 dollars in 1971 $12,956.63 dollars in 2023
$5,000 dollars in 1971 $64,783.14 dollars in 2023
$10,000 dollars in 1971 $129,566.29 dollars in 2023
$50,000 dollars in 1971 $647,831.45 dollars in 2023
$100,000 dollars in 1971 $1,295,662.89 dollars in 2023
$500,000 dollars in 1971 $6,478,314.46 dollars in 2023
$1,000,000 dollars in 1971 $12,956,628.92 dollars in 2023
Cumulative inflation From 1971 1,259.43%
Avg. annual inflation From 1971 5.05%
CPI 1971 9.64
CPI today 130.99

Value of Dollar over time (by year)

Period Value
1971 100
1972 106.02
1973 115.66
1974 133.49
1975 153.73
1976 174.22
1977 195.66
1978 211.33
1979 230.6
1980 253.98
1981 278.07
1982 309.64
1983 340.72
1984 354.22
1985 378.07
1986 412.29
1987 447.47
1988 479.76
1989 515.9
1990 553.73
1991 571.33
1992 577.11
1993 587.23
1994 598.8
1995 626.51
1996 642.89
1997 644.34
1998 649.88
1999 659.52
2000 688.92
2001 719.28
2002 740.72
2003 760.96
2004 778.8
2005 799.76
2006 828.19
2007 847.47
2008 884.34
2009 900
2010 926.27
2011 956.87
2012 973.73
2013 997.59
2014 1,022.41
2015 1,037.83
2016 1,051.08
2017 1,071.57
2018 1,092.05
2019 1,109.64
2020 1,119.04
2021 1,151.08
2022 1,226.99
2023 1,295.66
2023-Q4 1,311.81
Today 1,359.43

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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