The consumer price index (CPI) in 1978 was 21.9. 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 4.15% per year. Prices in 2018 are 408.5% higher than prices in 1978.
In other words, AU$1 in the year 1978 is equivalent in purchasing power to AU$5.09 in 2018, a difference of AU$4.09 over 40 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||408.54%|
|Average inflation rate||4.15%|
|Price difference (AU$1 base)||AU$4.09|
|CPI in 1978||21.9|
|CPI in 2018||111.3692|
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 1978 | Australia Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Finance, 19 Jan. 2018, http://www.in2013dollars.com/Australia-inflation-rate-in-1978.