The consumer price index (CPI) in 1954 was 6.5. the Bureau of Statistics uses this CPI value to track inflation on a monthly basis.

According to the Bureau of Statistics, the dollar experienced an average inflation rate of 4.58% per year. Prices in 2017 are 1583.1% higher than prices in 1954.

In other words, AU$1 in the year 1954 is equivalent to AU$16.83 in 2017, a difference of AU$15.83 over 63 years.

The
current inflation rate
in 2017 is 0.64%^{1}. If this number holds, AU$1 today will be equivalent to AU$1.01 next year.

Cumulative price change | 1583.08% |

Average inflation rate | 4.58% |

Price difference (AU$1 base) | AU$15.83 |

CPI in 1954 | 6.5 |

CPI in 2017 | 109.4 |

CPI in 2017 / CPI in 1954 * 1954 AUD value = 2017 AUD value

Then plug in historical CPI values. The Australian CPI was 6.5 in the year 1954 and 109.4 in 2017:

109.4 / 6.5 * AU$1 =

AU$1 in 1954 has the same "purchasing power" as AU$16.83 in 2017.

Politics and news often play an important role in economic performance.

- IMB gives the first public demonstration of a machine translation system in their New York, head office.
- Colonel Gamal Abdal Nasser becomes Prime Minister of Egypt.
- 7 years of fighting ends in Indochina after a formal peace agreement is made between the French and the Communist Viet Minh.

**
Inflation Data Source:
**
The government of Australia's annual (CPI) as provided by the Reserve Bank of Australia. The consumer price index was established in 1922 and is tracked by Australian Bureau of Statistics (ABS).