$1 in 1955 is equivalent in purchasing power to about $1.18 in 1961, an increase of $0.18 over 6 years. The dollar had an average inflation rate of 2.82% per year between 1955 and 1961, producing a cumulative price increase of 18.18%.

This means that prices in 1961 are 1.18 times higher than average prices since 1955, according to the Bureau of Statistics consumer price index.

The 1955 inflation rate was 1.54%. The inflation rate in 1961 was 1.30%. The 1961 inflation rate is lower compared to the average inflation rate of 4.63% per year between 1961 and 2021.

⌃

Cumulative price change | 18.18% |

Average inflation rate | 2.82% |

Converted amount ($1 base) | $1.18 |

Price difference ($1 base) | $0.18 |

CPI in 1955 | 6.600 |

CPI in 1961 | 7.800 |

Inflation in 1955 | 1.54% |

Inflation in 1961 | 1.30% |

$1 in 1955 | $1.18 in 1961 |

This chart shows a calculation of buying power equivalence for $1 in 1955 (price index tracking began in 1922).

For example, if you started with $1, you would need to end with $1.18 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When $1 is equivalent to $1.18 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 1955 dollars, the chart below shows how $1 is worth less over 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:

This conversion table shows various other 1955 amounts in 1961 dollars, based on the 18.18% change in prices:

Initial value | Equivalent value |
---|---|

$1 dollar in 1955 | $1.18 dollars in 1961 |

$5 dollars in 1955 | $5.91 dollars in 1961 |

$10 dollars in 1955 | $11.82 dollars in 1961 |

$50 dollars in 1955 | $59.09 dollars in 1961 |

$100 dollars in 1955 | $118.18 dollars in 1961 |

$500 dollars in 1955 | $590.91 dollars in 1961 |

$1,000 dollars in 1955 | $1,181.82 dollars in 1961 |

$5,000 dollars in 1955 | $5,909.09 dollars in 1961 |

$10,000 dollars in 1955 | $11,818.18 dollars in 1961 |

$50,000 dollars in 1955 | $59,090.91 dollars in 1961 |

$100,000 dollars in 1955 | $118,181.82 dollars in 1961 |

$500,000 dollars in 1955 | $590,909.09 dollars in 1961 |

$1,000,000 dollars in 1955 | $1,181,818.18 dollars in 1961 |

Our calculations use the following inflation rate formula to calculate the change in value between 1955 and 1961:

CPI in 1961
CPI in 1955

×

1955 AUD value

=

1961 AUD value

Then plug in historical CPI values. The Australian CPI was 6.6 in the year 1955 and 7.8 in 1961:

7.86.6

×

$1

=

$1 in 1955 has the same "purchasing power" or "buying power" as $1.18 in 1961.

To get the total inflation rate for the 6 years between 1955 and 1961, we use the following formula:

CPI in 1961 - CPI in 1955CPI in 1955

×

100

=

Plugging in the values to this equation, we get:

7.8 - 6.66.6

×

100

=

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

- The occupying powers grant full Sovereignty to West Germany.
- The Mainau Declaration against nuclear weapons is signed by 18 Nobel laureates.
- Rosa Parks is arrested in Montgomery, Alabama for refusing to give her seat to a white person and move to the back of the bus.

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 1955 → 1961 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 27 Sep. 2021, https://www.officialdata.org/australia/inflation/1955?amount=1&endYear=1961.

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.

Cumulative price change | 18.18% |

Average inflation rate | 2.82% |

Converted amount ($1 base) | $1.18 |

Price difference ($1 base) | $0.18 |

CPI in 1955 | 6.600 |

CPI in 1961 | 7.800 |

Inflation in 1955 | 1.54% |

Inflation in 1961 | 1.30% |

$1 in 1955 | $1.18 in 1961 |