Australian inflation rate in 1971: 6.12%

Australia Inflation Calculator

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Australian Inflation Rate, 1971-2018 (AU$1)

The consumer price index (CPI) in 1971 was 10.4. 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 5.17% per year. Prices in 2018 are 970.9% higher than prices in 1971.

In other words, AU$1 in the year 1971 is equivalent in purchasing power to AU$10.71 in 2018, a difference of AU$9.71 over 47 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.

Inflation from 1971 to 2018
Cumulative price change 970.86%
Average inflation rate 5.17%
Price difference (AU$1 base) AU$9.71
CPI in 1971 10.4
CPI in 2018 111.3692


AUD inflation chart from 1922 to 2017


How to calculate the inflation rate for AU$1 since 1971

Start with the inflation rate formula:

CPI in 2018 / CPI in 1971 * 1971 AUD value = 2018 AUD value

Then plug in historical CPI values. The Australian CPI was 10.4 in the year 1971 and 111.3692 in 2018:

111.3692 / 10.4 * AU$1 = AU$10.71

AU$1 in 1971 has the same "purchasing power" as AU$10.71 in 2018.


News headlines from 1971

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

  • Idi Amin declares himself president of Uganda.
  • The Nasdaq Composite stock market index debuts with fifty companies and a starting value of 100.
  • Indian troops, aided by Bengali guerrillas under Mukti Bahini, are victorious over the Pakistan army, in the battle of Garibpur.

Inflation Data Source

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 1971 | Australia Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Finance, 23 Jan. 2018, http://www.in2013dollars.com/Australia-inflation-rate-in-1971.


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