Prime Minister open to literally taking money from your pockets

At first, they came for the pennies, and many were happy. Now it seems that Prime Minister Malcolm Turnbull is

At first, they came for the pennies, and many were happy. Now it seems that Prime Minister Malcolm Turnbull is interested in a plan to get rid of the 5-cent coin from our pockets. With the knowledge that it actually costs six cents to make each five cent coin, it makes sense to Mr Turnbull that they would be phased out.

When the question was first raised to Federal Treasurer Scott Morrison, he dismissed it, telling reporters “If you can get as many people as in this room again who are interested in that topic, I’ll answer your question.” However, it has become an attractive topic as Tasmanian Liberals have put the issue on the agenda for a party meeting this weekend.

Mr Turnbull is in Tasmania to address the meeting and was asked if the five-cent coin should be given the flick. Turnbull said, “It’s a good question. I’ll be very interested to follow the local debate on that”. He then added “You don’t see them a lot anymore, do you actually? It’s a fair point.”

It is a growing issue since the use of the coin is falling. It can’t be used in vending machines or parking meters. However, it’s not just as simple as them just stop being made and is something that needs to be planned out well. After the one and two cent coins were discontinued in 1990 the future of the five cent coin has always been in doubt. Mint chief executive Ross MacDiamid stated at the coin’s 50th Birthday last February “We’ve seen a halving of the demand for five cent pieces over the past five years and our expectation is that it will just simply progress”. He then added, “It’s lost its utility; it will lose interest from the public.”

Australia’s choice to ditch the coin would put in a group with New Zealand which stopped their five cent coin in 2006. Most other countries still have small amount coins like Canada which still has a five cent coin. The United States, UK and the European Union still use the one-cent coin as well.

What do you think? Should we lay the five cent coin to rest or does it still have a use in society?

  1. Please get rid of it, round up or down. Its of no use whats ever…

  2. Clarissa  

    Just yet another way to make goods more expensive for everybody.

    So, in time will the10c, 20c, & even 50c coins’ ‘disappear’ as no longer ‘useful’?

    • Joy Anne Bourke  

      Yes and that means Pensioners are left out again. Turnbull says not many around, I have plenty and at times have enough to buy milk before next pension day. That’s alright for Turnbull but not the pensioners.
      Good question when will the 10c, 20c disappear.

  3. Rosemary Lynch  

    It’s only shrapnel that fills up my purse. Minimal value.

  4. John Brants  

    Discontinue them but look out for double headed coins dated 2007. They sell for up to several thousand dollars depending on their condition. Also 1972 coins are worth several dollars + each.

  5. Dave Pritchard  

    Yeah, they are more nuisance value than they are worth -I always end up with loads around the house. I must add that I was totally amazed,a dew years ago, to see the U.K. still has its even-more-worthless copper coins in circulation !
    So we’re a little ahead of them there, already.

  6. Greg Hills  

    Yes, get rid of it. Round up items for cash paid. Most people are using EFTPOS more and more.
    The banks’ dream of a cashless society is just around the corner.
    Just think, if there is no cash, there can be no black markets, no chance to cheat the tax system by telling someone “if you give me cash, I will do it cheaper”.
    Everyone will need to register with the ATO, lessening the chance of illegal immigrants remaining undetected.

  7. Truth 13  

    One & two cent coins were taken off in 1996, but why are the sellers allowed to put down the prices in all supermarkets, with price tags .99 each, $1,99, $ 2,49, $2.99 etc.etc. Before any further action is taken on 5 cent coin, government MUST ban any advising of prices, where it is required to end with any figure that needs 1, 2 or 5 cents. Another way to get over the problem of 5 cents is to have a 25 cent coin.

    • Mr Cyril Torrington  

      Exactly, they should not be allowed to advertise something as $.1.99 when the small coins were done away with, we were told prices would be rounded down. Well it wasn’t long before they were rounded up. Can’t trust governments or big business

      • Boo  

        If I buy 10 items in the supermarket for $1.99 I only pay $19.99. If we make stores round up INDIVIDUAL items I’d pay $20.

  8. paul  

    How about retain the 5c but it will have a face value of 6c. Work that one out Scott.

  9. Carole  

    My puggy bank will have less in it lol i save them and the 10c all year everytime i get them lol i end up with a couple hundred every chrissie lol and ive taught my grandies to do it, they look forward to taking them to the bank every chrissie….

  10. Rhonda De Stefano  

    Leave the currency alone! Taking away the one and two cent coins already nets the banks and traders a bonus. Occasionally when you pay with cash you can come out on the plus side due to rounding up, but so many items are marked at $x.99 and for each one of those you purchase with cash, you lose a cent and the retailer gains one. If the coin costs more than 5c to make, then change the material or make it thinner! To be honest, I do not see how a small, mass produced plug of cupro-nickel can cost that much!

  11. Guy Flavell  

    What a load of tommy rot about nothing !!! Who really gives a damn whether we have a 5c coin or not ? Why can’t Mr. Turnbull seriously address his efforts towards the REAL problems facing this country, ie:

    1) Repairing our shambolic welfare system where 50% of all Australians have their hands out for welfare payments of some kind. $billions can be saved in this arena if Turnbull
    displayed some intestinal fortitude and backed his brilliant minister Christian Porter to
    the fullest in its restructuring and reform of same.

    2) Removing the dishonest double-dipping with parental leave.

    3) Ensuring that ALL of the large companies doing business in this country are paying
    their fair share of tax.

    4) Effectively convincing the ALP and loathsome Greens to stop playing stupid politics
    and pass the desperately required legislation needed for budgetary repair.

    5) Forcing through the ABCC industrial legislation to control the divisive influence of the
    evil, Commie CMFEU thugs. This legislation could well ensure the costs of housing and
    infrastructure are reduced by up to 30% !!!

    6) Urgently reforming section 18c of the Racial Discrimination Act to allow sensible
    freedom of speech in this country.

    7) Taking a firm stand against the disgraceful Marxist influence appearing in our schools
    with the ‘safe schools’ nonsense being peddled by idiots like Andrews and Plebichuck.

    I really wonder though whether Turnbull has the expertise or ticker to implement these
    urgently needed policies? His procrastination is just so frustrating and if nothing positive is achieved very soon then the LNP will be totally destroyed in 2019. Our country is screaming out for a strong leader to restore our confidence and I firmly believe that man is Christian Porter. If MT is not replaced we will then be faced with another horrendous period of economic mismanagement by Labor that will very quickly
    see this country on an economic par with GREECE !!!

    Well, that’s my 5 cent’s worth.

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