$100 in 1966 is equivalent in purchasing power to about $1,370.93 today, an increase of $1,270.93 over 55 years. The dollar had an average inflation rate of 4.88% per year between 1966 and today, producing a cumulative price increase of 1,270.93%.

This means that today's prices are 13.71 times higher than average prices since 1966, according to the Bureau of Statistics consumer price index. A dollar today only buys 7.29% of what it could buy back then.

The 1966 inflation rate was 2.38%. The current year-over-year inflation rate (2020 to 2021) is now 1.55%^{1}.
If this number holds, $100 today will be equivalent in buying power to $101.55 next year.

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Cumulative price change | 1,270.93% |

Average inflation rate | 4.88% |

Converted amount ($100 base) | $1,370.93 |

Price difference ($100 base) | $1,270.93 |

CPI in 1966 | 8.600 |

CPI in 2021 | 117.900 |

Inflation in 1966 | 2.38% |

Inflation in 2021 | 1.55% |

$100 in 1966 | $1,370.93 in 2021 |

This chart shows a calculation of buying power equivalence for $100 in 1966 (price index tracking began in 1922).

For example, if you started with $100, you would need to end with $1,370.93 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When $100 is equivalent to $1,370.93 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 $100 is worth less over 55 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 1966 amounts in today's dollars, based on the 1,270.93% change in prices:

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

$1 dollar in 1966 | $13.71 dollars today |

$5 dollars in 1966 | $68.55 dollars today |

$10 dollars in 1966 | $137.09 dollars today |

$50 dollars in 1966 | $685.47 dollars today |

$100 dollars in 1966 | $1,370.93 dollars today |

$500 dollars in 1966 | $6,854.65 dollars today |

$1,000 dollars in 1966 | $13,709.30 dollars today |

$5,000 dollars in 1966 | $68,546.51 dollars today |

$10,000 dollars in 1966 | $137,093.02 dollars today |

$50,000 dollars in 1966 | $685,465.12 dollars today |

$100,000 dollars in 1966 | $1,370,930.23 dollars today |

$500,000 dollars in 1966 | $6,854,651.16 dollars today |

$1,000,000 dollars in 1966 | $13,709,302.33 dollars today |

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

CPI today
CPI in 1966

×

1966 AUD value

=

Today's value

Then plug in historical CPI values. The Australian CPI was 8.6 in the year 1966 and 117.9 in 2021:

117.98.6

×

$100

=

$100 in 1966 has the same "purchasing power" or "buying power" as $1,370.93 in 2021.

To get the total inflation rate for the 55 years between 1966 and 2021, we use the following formula:

CPI in 2021 - CPI in 1966CPI in 1966

×

100

=

Plugging in the values to this equation, we get:

117.9 - 8.68.6

×

100

=

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

- Soviet Luna 9 lands on the Moon.
- Demonstrations are held against the Vietnam War in the United States, Europe and Australia.
- A treaty prohibiting the use of nuclear weapons in outer space is signed by the United States and the USSR.

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: “Value of 1966 Australian dollars today | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 22 Nov. 2021, https://www.officialdata.org/australia/inflation/1966.

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 | 1,270.93% |

Average inflation rate | 4.88% |

Converted amount ($100 base) | $1,370.93 |

Price difference ($100 base) | $1,270.93 |

CPI in 1966 | 8.600 |

CPI in 2021 | 117.900 |

Inflation in 1966 | 2.38% |

Inflation in 2021 | 1.55% |

$100 in 1966 | $1,370.93 in 2021 |