The consumer price index (CPI) in 1956 was 7. the Bureau of Statistics uses this CPI value to track inflation on a monthly basis.

According to the Bureau of Statistics consumer price index, the dollar experienced an average inflation rate of 4.56% per year. Prices in 2018 are 1491.0% higher than prices in 1956.

In other words, AU$1 in the year 1956 is equivalent in purchasing power to AU$15.91 in 2018, a difference of AU$14.91 over 62 years.

The
current inflation rate
in 2018 is 1.80%^{1}. If this number holds, AU$1 today will be equivalent to AU$1.02 next year.

Cumulative price change | 1490.99% |

Average inflation rate | 4.56% |

Price difference (AU$1 base) | AU$14.91 |

CPI in 1956 | 7 |

CPI in 2018 | 111.3692 |

CPI in 2018 / CPI in 1956 * 1956 AUD value = 2018 AUD value

Then plug in historical CPI values. The Australian CPI was 7 in the year 1956 and 111.3692 in 2018:

111.3692 / 7 * AU$1 =

AU$1 in 1956 has the same "purchasing power" as AU$15.91 in 2018.

Politics and news often influence economic performance. Here's what was happening at the time:

- Nikita Khrushchev criticises Stalin at 20th Soviet Party Conference.
- Morocco declares independence from France, tearing up the Treaty of Fez.
- IBM introduces the first computer with a hard drive, RAMAC 305, which weighs over one ton.
- President Eisenhower orders the desegregation of Little Rock schools.
- Shippingport Atomic Power Station in Pennsylvania becomes the world's first nuclear power station to generate electricity.

Raw data for these calculations comes from 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).

You may use the following MLA citation for this page: “Inflation Rate in 1956 | Australia Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Finance, 17 Jan. 2018, http://www.in2013dollars.com/Australia-inflation-rate-in-1956.