The consumer price index (CPI) in 1962 was 7.8. 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 4.92% per year. Prices in 2017 are 1302.6% higher than prices in 1962.
In other words, AU$1 in the year 1962 is equivalent to AU$14.03 in 2017, a difference of AU$13.03 over 55 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||1302.56%|
|Average inflation rate||4.92%|
|Price difference (AU$1 base)||AU$13.03|
|CPI in 1962||7.8|
|CPI in 2017||109.4|
Politics and news often play an important role in economic performance.
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).