# \$1 in 1965 is worth \$1.24 in 1971

\$

## Value of \$1 from 1965 to 1971

\$1 in 1965 is equivalent in purchasing power to about \$1.24 in 1971, an increase of \$0.24 over 6 years. The dollar had an average inflation rate of 3.62% per year between 1965 and 1971, producing a cumulative price increase of 23.81%.

This means that prices in 1971 are 1.24 times higher than average prices since 1965, according to the Bureau of Statistics consumer price index.

The 1965 inflation rate was 3.70%. The inflation rate in 1971 was 6.12%. The 1971 inflation rate is higher compared to the average inflation rate of 4.98% per year between 1971 and 2021.

 Cumulative price change 23.81% Average inflation rate 3.62% Converted amount (\$1 base) \$1.24 Price difference (\$1 base) \$0.24 CPI in 1965 8.400 CPI in 1971 10.400 Inflation in 1965 3.70% Inflation in 1971 6.12% \$1 in 1965 \$1.24 in 1971

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

## Buying power of \$1 in 1965

This chart shows a calculation of buying power equivalence for \$1 in 1965 (price index tracking began in 1922).

For example, if you started with \$1, you would need to end with \$1.24 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When \$1 is equivalent to \$1.24 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 1965 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:

Dollar inflation: 1965-1971
Year Dollar Value Inflation Rate
1965 \$1.00 3.70%
1966 \$1.02 2.38%
1967 \$1.06 3.49%
1968 \$1.10 3.37%
1969 \$1.13 3.26%
1970 \$1.17 3.16%
1971 \$1.24 6.12%
1972 \$1.31 5.77%
1973 \$1.43 9.09%
1974 \$1.65 15.83%
1975 \$1.90 15.11%
1976 \$2.15 13.13%
1977 \$2.42 12.15%
1978 \$2.61 7.88%
1979 \$2.85 9.13%
1980 \$3.14 10.46%
1981 \$3.44 9.47%
1982 \$3.82 11.07%
1983 \$4.21 10.28%
1984 \$4.38 3.95%
1985 \$4.67 6.52%
1986 \$5.10 9.18%
1987 \$5.52 8.41%
1988 \$5.93 7.33%
1989 \$6.37 7.43%
1990 \$6.85 7.48%
1991 \$7.06 3.13%
1992 \$7.13 1.01%
1993 \$7.25 1.67%
1994 \$7.39 1.97%
1995 \$7.74 4.67%
1996 \$7.94 2.62%
1997 \$7.96 0.30%
1998 \$8.02 0.75%
1999 \$8.14 1.48%
2000 \$8.51 4.53%
2001 \$8.88 4.34%
2002 \$9.15 3.08%
2003 \$9.40 2.73%
2004 \$9.62 2.28%
2005 \$9.88 2.72%
2006 \$10.23 3.49%
2007 \$10.46 2.33%
2008 \$10.93 4.44%
2009 \$11.12 1.74%
2010 \$11.44 2.89%
2011 \$11.82 3.33%
2012 \$12.02 1.71%
2013 \$12.32 2.48%
2014 \$12.63 2.51%
2015 \$12.82 1.51%
2016 \$12.99 1.30%
2017 \$13.24 1.92%
2018 \$13.49 1.89%
2019 \$13.70 1.59%
2020 \$13.82 0.87%
2021 \$14.04 1.55%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

This conversion table shows various other 1965 amounts in 1971 dollars, based on the 23.81% change in prices:

Conversion: 1965 dollars in 1971
Initial value Equivalent value
\$1 dollar in 1965 \$1.24 dollars in 1971
\$5 dollars in 1965 \$6.19 dollars in 1971
\$10 dollars in 1965 \$12.38 dollars in 1971
\$50 dollars in 1965 \$61.90 dollars in 1971
\$100 dollars in 1965 \$123.81 dollars in 1971
\$500 dollars in 1965 \$619.05 dollars in 1971
\$1,000 dollars in 1965 \$1,238.10 dollars in 1971
\$5,000 dollars in 1965 \$6,190.48 dollars in 1971
\$10,000 dollars in 1965 \$12,380.95 dollars in 1971
\$50,000 dollars in 1965 \$61,904.76 dollars in 1971
\$100,000 dollars in 1965 \$123,809.52 dollars in 1971
\$500,000 dollars in 1965 \$619,047.62 dollars in 1971
\$1,000,000 dollars in 1965 \$1,238,095.24 dollars in 1971

## How to Calculate Inflation Rate for \$1, 1965 to 1971

Our calculations use the following inflation rate formula to calculate the change in value between 1965 and 1971:

CPI in 1971 CPI in 1965
×
1965 AUD value
=
1971 AUD value

Then plug in historical CPI values. The Australian CPI was 8.4 in the year 1965 and 10.4 in 1971:

10.48.4
×
\$1
=
\$1.24

\$1 in 1965 has the same "purchasing power" or "buying power" as \$1.24 in 1971.

To get the total inflation rate for the 6 years between 1965 and 1971, we use the following formula:

CPI in 1971 - CPI in 1965CPI in 1965
×
100
=
Cumulative inflation rate (6 years)

Plugging in the values to this equation, we get:

10.4 - 8.48.4
×
100
=
24%

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

• Aleksei Leonov, a Soviet cosmonaut, makes the first Spacewalk, when he leaves the Hos spacecraft for 12 minutes.
• Winston Churchill, is given the largest state funeral ever, it takes place in St Paul's Cathedral, London.
• The Supreme Court legalises the use of contraception by married couples.
• France becomes the third nation in space, after launching its first satellite.
• Lyndon B. Johnson, US President, signs the Voting Rights Act, making voting discrimination against minorities illegal.

## 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 1965 → 1971 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 18 Sep. 2021, https://www.officialdata.org/australia/inflation/1965?amount=1&endYear=1971.

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.

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 23.81% Average inflation rate 3.62% Converted amount (\$1 base) \$1.24 Price difference (\$1 base) \$0.24 CPI in 1965 8.400 CPI in 1971 10.400 Inflation in 1965 3.70% Inflation in 1971 6.12% \$1 in 1965 \$1.24 in 1971