According to the Bureau of Statistics consumer price index, today's prices in 2020 are 1,379.99% higher than average prices since 1963. The Australian dollar experienced an average inflation rate of 4.84% per year during this period, meaning the real value of a dollar decreased.

In other words, $100 in 1963 is equivalent in purchasing power to about $1,479.99 in 2020, a difference of $1,379.99 over 57 years.

The 1963 inflation rate was 1.28%. The current inflation rate (2019 to 2020) is now 1.90%^{1}. If this number holds, $100 today will be equivalent in buying power to $101.90 next year.

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Cumulative price change | 1,379.99% |

Average inflation rate | 4.84% |

Converted amount ($100 base) | $1,479.99 |

Price difference ($100 base) | $1,379.99 |

CPI in 1963 | 7.900 |

CPI in 2020 | 116.919 |

Inflation in 1963 | 1.28% |

Inflation in 2020 | 1.90% |

This chart shows a calculation of buying power equivalence for $100 in 1963 (price index tracking began in 1922).

For example, if you started with $100, you would need to end with $1,479.99 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When $100 is equivalent to $1,479.99 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 1963 dollars, the chart below shows how $100 buys less over the past 57 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 inflation calculator uses the following inflation rate formula:

CPI in 2020CPI in 1963

×

1963 AUD value

=

2020 AUD value

Then plug in historical CPI values. The Australian CPI was 7.9 in the year 1963 and 116.91944859999998 in 2020:

116.919448599999987.9

×

$100

=

$100 in 1963 has the same "purchasing power" or "buying power" as $1,479.99 in 2020.

To get the total inflation rate for the 57 years between 1963 and 2020, we use the following formula:

CPI in 2020 - CPI in 1963CPI in 1963

×

100

=

Plugging in the values to this equation, we get:

116.91944859999998 - 7.97.9

×

100

=

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

- Iran is besieged and Ayatollah Khomeini is arrested.
- President John F. Kennedy says segregation is morally wrong and appeals for action.
- Sarawak is granted independence from British colonial rule.
- The "I have a dream" speech is delivered by Martin Luther King Jr addressing civil rights march in Washington.
- John F. Kennedy is assassinated by Lee Harvey Oswald in Dallas.

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: “1963 dollars in 2020 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 30 Mar. 2020, https://www.officialdata.org/australia/inflation/1963.

Special thanks to QuickChart for providing downloadable chart images.

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

Cumulative price change | 1,379.99% |

Average inflation rate | 4.84% |

Converted amount ($100 base) | $1,479.99 |

Price difference ($100 base) | $1,379.99 |

CPI in 1963 | 7.900 |

CPI in 2020 | 116.919 |

Inflation in 1963 | 1.28% |

Inflation in 2020 | 1.90% |