Inflation

[The Fence]

Used to get drunk as a skunk at the pub and a packet of smokes on $10 and still have shingle in the pocket !

Remember complaining about middies going up from $0.50 to $0.52 because it was a neat $1 to shout with ya drinking buddy and didnt have all the shingle jingle in the pockets.

TC, you were worth it mate!

 

[WattleIdo]

Mum always spoke of been a "millionaire", as if this is a tough to reach goal.

These days, you just need to own a decent PPOR to achieve this goal.
It's now all about multi-mils in comparison

What would be today's equivalent of 1967's million dollars?

So does that mean that relatively prices were higher back then? superAndrew

Apparently prices are much lower - that's why we continue to accumulate so many things.

 

[D.T.]

What would be today's equivalent of 1967's million dollars?


Apparently prices are much lower - that's why we continue to accumulate so many things.

According RBA website http://www.rba.gov.au/calculator/annualDecimal.html
$1,000 in 1966 is $11,596.64 in 2013.

 

[datto]

What would be today's equivalent of 1967's million dollars?

things.

Say in 1967 a average house cost $7000. So $1m back then would buy 142 houses.

Say an average house today is 600K. So, 142 times 600K is $85.2m. If you got over 85m today you are bludy rich. If you had over 1m in 67 you were bludy rich!