$1 in 1970 → $0.94 in 1968

Australia Inflation Calculator

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Australian Inflation Rate, $1 from 1970 to 1968

According to the Bureau of Statistics consumer price index, prices in 1968 are 6.12% lower than average prices since 1970. The Australian dollar experienced an average inflation rate of 3.21% per year during this period, meaning the real value of a dollar decreased.

In other words, $1 in 1970 is equivalent in purchasing power to about $0.94 in 1968, a difference of $-0.06 over 2 years.

The 1968 inflation rate was 3.37%. 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.


Inflation from 1970 to 1968
Cumulative price change -6.12%
Average inflation rate 3.21%
Converted amount ($1 base) $0.94
Price difference ($1 base) $-0.06
CPI in 1970 9.800
CPI in 1968 9.200
Inflation in 1968 3.37%
Inflation in 1970 3.16%

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

Buying power of $1 in 1968

This chart shows a calculation of buying power equivalence for $1 in 1968 (price index tracking began in 1922).

For example, if you started with $1, you would need to end with $0.94 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When $1 is equivalent to $0.94 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 1968 dollars, the chart below shows how $1 buys less over the past 2 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
1968 $1.00 3.37%
1969 $1.03 3.26%
1970 $1.07 3.16%
1971 $1.13 6.12%
1972 $1.20 5.77%
1973 $1.30 9.09%
1974 $1.51 15.83%
1975 $1.74 15.11%
1976 $1.97 13.13%
1977 $2.21 12.15%
1978 $2.38 7.88%
1979 $2.60 9.13%
1980 $2.87 10.46%
1981 $3.14 9.47%
1982 $3.49 11.07%
1983 $3.85 10.28%
1984 $4.00 3.95%
1985 $4.26 6.52%
1986 $4.65 9.18%
1987 $5.04 8.41%
1988 $5.41 7.33%
1989 $5.82 7.43%
1990 $6.25 7.48%
1991 $6.45 3.13%
1992 $6.51 1.01%
1993 $6.62 1.67%
1994 $6.75 1.97%
1995 $7.07 4.67%
1996 $7.25 2.62%
1997 $7.27 0.30%
1998 $7.33 0.75%
1999 $7.43 1.48%
2000 $7.77 4.53%
2001 $8.11 4.34%
2002 $8.36 3.08%
2003 $8.59 2.73%
2004 $8.78 2.28%
2005 $9.02 2.72%
2006 $9.34 3.49%
2007 $9.55 2.33%
2008 $9.98 4.44%
2009 $10.15 1.74%
2010 $10.45 2.89%
2011 $10.79 3.33%
2012 $10.98 1.71%
2013 $11.25 2.48%
2014 $11.53 2.51%
2015 $11.71 1.51%
2016 $11.86 1.30%
2017 $12.09 1.92%
2018 $12.24 1.26%
2019 $12.47 1.90%
2020 $12.71 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, 1968 to 1970

This inflation calculator uses the following inflation rate formula:

CPI in 1968CPI in 1970
×
1970 AUD value
=
1968 AUD value

Then plug in historical CPI values. The Australian CPI was 9.8 in the year 1970 and 9.2 in 1968:

9.29.8
×
$1
=
$0.94

$1 in 1970 has the same "purchasing power" or "buying power" as $0.94 in 1968.

To get the total inflation rate for the 2 years between 1968 and 1970, we use the following formula:

CPI in 1968 - CPI in 1970CPI in 1970
×
100
=
Cumulative inflation rate (2 years)

Plugging in the values to this equation, we get:

9.2 - 9.89.8
×
100
=
-6%

News headlines from 1968

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 → 1968 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 25 Feb. 2020, https://www.officialdata.org/australia/inflation/1970?amount=1&endYear=1968.

Special thanks to QuickChart for providing downloadable chart images.

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


Ian Webster

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.

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Inflation from 1970 to 1968
Cumulative price change -6.12%
Average inflation rate 3.21%
Converted amount ($1 base) $0.94
Price difference ($1 base) $-0.06
CPI in 1970 9.800
CPI in 1968 9.200
Inflation in 1968 3.37%
Inflation in 1970 3.16%