# \$1 in 1970 is worth \$0.88 in 1966

\$

## Value of \$1 from 1970 to 1966

According to the Bureau of Statistics consumer price index, prices in 1966 are 12.24% lower than average prices since 1970. The Australian dollar experienced an average inflation rate of 3.32% per year during this period, causing the real value of a dollar to decrease.

In other words, \$1 in 1970 is equivalent in purchasing power to about \$0.88 in 1966, a difference of \$-0.12 over 4 years.

The 1966 inflation rate was 2.38%. The inflation rate in 1970 was 3.16%. The 1970 inflation rate is lower compared to the average inflation rate of 5.08% per year between 1970 and 2020.

 Cumulative price change -12.24% Average inflation rate 3.32% Converted amount (\$1 base) \$0.88 Price difference (\$1 base) \$-0.12 CPI in 1970 9.800 CPI in 1966 8.600 Inflation in 1966 2.38% Inflation in 1970 3.16%

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

## Buying power of \$1 in 1966

This chart shows a calculation of buying power equivalence for \$1 in 1966 (price index tracking began in 1922).

For example, if you started with \$1, you would need to end with \$0.88 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When \$1 is equivalent to \$0.88 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 1966 dollars, the chart below shows how \$1 is worth less over 4 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:

Dollar inflation: 1966-1970
Year Dollar Value Inflation Rate
1966 \$1.00 2.38%
1967 \$1.03 3.49%
1968 \$1.07 3.37%
1969 \$1.10 3.26%
1970 \$1.14 3.16%
1971 \$1.21 6.12%
1972 \$1.28 5.77%
1973 \$1.40 9.09%
1974 \$1.62 15.83%
1975 \$1.86 15.11%
1976 \$2.10 13.13%
1977 \$2.36 12.15%
1978 \$2.55 7.88%
1979 \$2.78 9.13%
1980 \$3.07 10.46%
1981 \$3.36 9.47%
1982 \$3.73 11.07%
1983 \$4.12 10.28%
1984 \$4.28 3.95%
1985 \$4.56 6.52%
1986 \$4.98 9.18%
1987 \$5.40 8.41%
1988 \$5.79 7.33%
1989 \$6.22 7.43%
1990 \$6.69 7.48%
1991 \$6.90 3.13%
1992 \$6.97 1.01%
1993 \$7.08 1.67%
1994 \$7.22 1.97%
1995 \$7.56 4.67%
1996 \$7.76 2.62%
1997 \$7.78 0.30%
1998 \$7.84 0.75%
1999 \$7.95 1.48%
2000 \$8.31 4.53%
2001 \$8.67 4.34%
2002 \$8.94 3.08%
2003 \$9.19 2.73%
2004 \$9.40 2.28%
2005 \$9.65 2.72%
2006 \$9.99 3.49%
2007 \$10.22 2.33%
2008 \$10.67 4.44%
2009 \$10.86 1.74%
2010 \$11.17 2.89%
2011 \$11.55 3.33%
2012 \$11.74 1.71%
2013 \$12.03 2.48%
2014 \$12.34 2.51%
2015 \$12.52 1.51%
2016 \$12.69 1.30%
2017 \$12.93 1.92%
2018 \$13.09 1.26%
2019 \$13.34 1.90%
2020 \$13.60 1.90%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

This conversion table shows various other 1966 amounts in 1970 dollars, based on the -12.24% change in prices:

Conversion Table: Value of a dollar in 1970
Initial value Equivalent value
\$1 dollar in 1966 \$1.14 dollars in 1970
\$5 dollars in 1966 \$5.70 dollars in 1970
\$10 dollars in 1966 \$11.40 dollars in 1970
\$50 dollars in 1966 \$56.98 dollars in 1970
\$100 dollars in 1966 \$113.95 dollars in 1970
\$500 dollars in 1966 \$569.77 dollars in 1970
\$1,000 dollars in 1966 \$1,139.53 dollars in 1970
\$5,000 dollars in 1966 \$5,697.67 dollars in 1970
\$10,000 dollars in 1966 \$11,395.35 dollars in 1970
\$50,000 dollars in 1966 \$56,976.74 dollars in 1970
\$100,000 dollars in 1966 \$113,953.49 dollars in 1970
\$500,000 dollars in 1966 \$569,767.44 dollars in 1970
\$1,000,000 dollars in 1966 \$1,139,534.88 dollars in 1970

## How to Calculate Inflation Rate for \$1, 1966 to 1970

Our calculations use the following inflation rate formula to calculate the change in value between 1966 and 1970:

CPI in 1966 CPI in 1970
×
1970 AUD value
=
1966 AUD value

Then plug in historical CPI values. The Australian CPI was 9.8 in the year 1970 and 8.6 in 1966:

8.69.8
×
\$1
=
\$0.88

\$1 in 1970 has the same "purchasing power" or "buying power" as \$0.88 in 1966.

To get the total inflation rate for the 4 years between 1966 and 1970, we use the following formula:

CPI in 1966 - CPI in 1970CPI in 1970
×
100
=
Cumulative inflation rate (4 years)

Plugging in the values to this equation, we get:

8.6 - 9.89.8
×
100
=
-12%

## News headlines from 1966

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

• January 1st, 1970 established as Epoch time for UNIX systems.
• Rhodesia declares independence and sets up a republican government.
• Aswan Dam opens in Egypt to prevent flooding of the Nile River.
• A Palestinian terrorist organization hijacks three aircrafts in an incident that is later known as Black September.

## 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 1970 → 1966 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 12 Aug. 2020, https://www.officialdata.org/1970-AUD-in-1966?amount=1.

Special thanks to QuickChart for their chart image API, which is used for chart downloads.

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 -12.24% Average inflation rate 3.32% Converted amount (\$1 base) \$0.88 Price difference (\$1 base) \$-0.12 CPI in 1970 9.800 CPI in 1966 8.600 Inflation in 1966 2.38% Inflation in 1970 3.16%