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# \$1 in 1960 → \$1.12 in 1966

### Australian Inflation Rate, \$1 in 1960 to 1966

According to the Bureau of Statistics consumer price index, prices in 1966 are 11.69% higher than average prices since 1960. The Australian dollar experienced an average inflation rate of 1.86% per year during this period, meaning the real value of a dollar decreased.

In other words, \$1 in 1960 is equivalent in purchasing power to about \$1.12 in 1966, a difference of \$0.12 over 6 years.

The 1960 inflation rate was 4.05%. The inflation rate in 1966 was 2.38%. The 1966 inflation rate is lower compared to the average inflation rate of 4.95% per year between 1966 and 2020.

 Cumulative price change 11.69% Average inflation rate 1.86% Converted amount (\$1 base) \$1.12 Price difference (\$1 base) \$0.12 CPI in 1960 7.700 CPI in 1966 8.600 Inflation in 1960 4.05% Inflation in 1966 2.38%

AUD Inflation since 1922
Annual Rate, the Bureau of Statistics CPI

### Buying power of \$1 in 1960

This chart shows a calculation of buying power equivalence for \$1 in 1960 (price index tracking began in 1922).

For example, if you started with \$1, you would need to end with \$1.12 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When \$1 is equivalent to \$1.12 over time, that means that the "real value" of a single Australian dollar decreases over time. In other words, a dollar will pay for fewer items at the store.

This effect explains how inflation erodes the value of a dollar over time. By calculating the value in 1960 dollars, the chart below shows how \$1 buys less over the past 6 years.

According to the Bureau of Statistics, each of these AUD amounts below is equal in terms of what it could buy at the time:

Year Dollar Value Inflation Rate
1960 \$1.00 4.05%
1961 \$1.01 1.30%
1962 \$1.01 0.00%
1963 \$1.03 1.28%
1964 \$1.05 2.53%
1965 \$1.09 3.70%
1966 \$1.12 2.38%
1967 \$1.16 3.49%
1968 \$1.19 3.37%
1969 \$1.23 3.26%
1970 \$1.27 3.16%
1971 \$1.35 6.12%
1972 \$1.43 5.77%
1973 \$1.56 9.09%
1974 \$1.81 15.83%
1975 \$2.08 15.11%
1976 \$2.35 13.13%
1977 \$2.64 12.15%
1978 \$2.84 7.88%
1979 \$3.10 9.13%
1980 \$3.43 10.46%
1981 \$3.75 9.47%
1982 \$4.17 11.07%
1983 \$4.60 10.28%
1984 \$4.78 3.95%
1985 \$5.09 6.52%
1986 \$5.56 9.18%
1987 \$6.03 8.41%
1988 \$6.47 7.33%
1989 \$6.95 7.43%
1990 \$7.47 7.48%
1991 \$7.70 3.13%
1992 \$7.78 1.01%
1993 \$7.91 1.67%
1994 \$8.06 1.97%
1995 \$8.44 4.67%
1996 \$8.66 2.62%
1997 \$8.69 0.30%
1998 \$8.75 0.75%
1999 \$8.88 1.48%
2000 \$9.29 4.53%
2001 \$9.69 4.34%
2002 \$9.99 3.08%
2003 \$10.26 2.73%
2004 \$10.49 2.28%
2005 \$10.78 2.72%
2006 \$11.16 3.49%
2007 \$11.42 2.33%
2008 \$11.92 4.44%
2009 \$12.13 1.74%
2010 \$12.48 2.89%
2011 \$12.90 3.33%
2012 \$13.12 1.71%
2013 \$13.44 2.48%
2014 \$13.78 2.51%
2015 \$13.99 1.51%
2016 \$14.17 1.30%
2017 \$14.44 1.92%
2018 \$14.62 1.26%
2019 \$14.90 1.90%
2020 \$15.18 1.90%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

### How to Calculate Inflation Rate for \$1, 1960 to 1966

This inflation calculator uses the following inflation rate formula:

CPI in 1966CPI in 1960
×
1960 AUD value
=
1966 AUD value

Then plug in historical CPI values. The Australian CPI was 7.7 in the year 1960 and 8.6 in 1966:

8.67.7
×
\$1
=
\$1.12

\$1 in 1960 has the same "purchasing power" or "buying power" as \$1.12 in 1966.

To get the total inflation rate for the 6 years between 1960 and 1966, we use the following formula:

CPI in 1966 - CPI in 1960CPI in 1960
×
100
=
Cumulative inflation rate (6 years)

Plugging in the values to this equation, we get:

8.6 - 7.77.7
×
100
=
12%

### News headlines from 1960

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

• Johnny Cash plays his first concert in a prison.
• The Bank of France issues new franc currency, worth 100 times the value of old francs.
• France grants independence to Cameroon (previously French Cameroon) after years of fighting.
• Guided missiles are launched for the first time from a nuclear powered submarine

### Data Source & Citation

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: “\$1 in 1960 → 1966 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 29 Jan. 2020, https://www.officialdata.org/1960-AUD-in-1966?amount=1.

Special thanks to QuickChart for providing downloadable chart images.

in2013dollars.com is a reference website maintained by the Official Data Foundation.

#### About the author

Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.

 Cumulative price change 11.69% Average inflation rate 1.86% Converted amount (\$1 base) \$1.12 Price difference (\$1 base) \$0.12 CPI in 1960 7.700 CPI in 1966 8.600 Inflation in 1960 4.05% Inflation in 1966 2.38%