$1 in 1960 is equivalent in purchasing power to about $0.94 in 1958, an increase of $-0.06 over 2 years. The dollar had an average inflation rate of 3.41% per year between 1958 and 1960, producing a cumulative price increase of -6.49%.

This means that prices in 1958 are 6.49% lower than average prices since 1960, according to the Bureau of Statistics consumer price index.

The 1958 inflation rate was 0.00%. The inflation rate in 1960 was 4.05%. The 1960 inflation rate is lower compared to the average inflation rate of 4.57% per year between 1960 and 2021.

⌃

Cumulative price change | -6.49% |

Average inflation rate | 3.41% |

Converted amount ($1 base) | $0.94 |

Price difference ($1 base) | $-0.06 |

CPI in 1960 | 7.700 |

CPI in 1958 | 7.200 |

Inflation in 1958 | 0.00% |

Inflation in 1960 | 4.05% |

$1 in 1960 | $0.94 in 1958 |

This chart shows a calculation of buying power equivalence for $1 in 1958 (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 1958 dollars, the chart below shows how $1 is worth less over 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:

This conversion table shows various other 1958 amounts in 1960 dollars, based on the -6.49% change in prices:

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

$1 dollar in 1958 | $1.07 dollars in 1960 |

$5 dollars in 1958 | $5.35 dollars in 1960 |

$10 dollars in 1958 | $10.69 dollars in 1960 |

$50 dollars in 1958 | $53.47 dollars in 1960 |

$100 dollars in 1958 | $106.94 dollars in 1960 |

$500 dollars in 1958 | $534.72 dollars in 1960 |

$1,000 dollars in 1958 | $1,069.44 dollars in 1960 |

$5,000 dollars in 1958 | $5,347.22 dollars in 1960 |

$10,000 dollars in 1958 | $10,694.44 dollars in 1960 |

$50,000 dollars in 1958 | $53,472.22 dollars in 1960 |

$100,000 dollars in 1958 | $106,944.44 dollars in 1960 |

$500,000 dollars in 1958 | $534,722.22 dollars in 1960 |

$1,000,000 dollars in 1958 | $1,069,444.44 dollars in 1960 |

Our calculations use the following inflation rate formula to calculate the change in value between 1958 and 1960:

CPI in 1958
CPI in 1960

×

1960 AUD value

=

1958 AUD value

Then plug in historical CPI values. The Australian CPI was 7.7 in the year 1960 and 7.2 in 1958:

7.27.7

×

$1

=

$1 in 1960 has the same "purchasing power" or "buying power" as $0.94 in 1958.

To get the total inflation rate for the 2 years between 1958 and 1960, we use the following formula:

CPI in 1958 - CPI in 1960CPI in 1960

×

100

=

Plugging in the values to this equation, we get:

7.2 - 7.77.7

×

100

=

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

- Johnny Cash plays his first concert in a prison.
- The Bank of France issues new franc currency, worth 100 times the value of old francs.
- France grants independence to Cameroon (previously French Cameroon) after years of fighting.
- Guided missiles are launched for the first time from a nuclear powered submarine

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 1960 → 1958 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 15 Oct. 2021, https://www.officialdata.org/australia/inflation/1960?amount=1&endYear=1958.

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 | -6.49% |

Average inflation rate | 3.41% |

Converted amount ($1 base) | $0.94 |

Price difference ($1 base) | $-0.06 |

CPI in 1960 | 7.700 |

CPI in 1958 | 7.200 |

Inflation in 1958 | 0.00% |

Inflation in 1960 | 4.05% |

$1 in 1960 | $0.94 in 1958 |