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