Local News

Five cent coin to be phased out

Say goodbye to the little silver echidna!

The five cent coin could be killed off today, according to a report on news.com.au.

Australia’s smallest denomination of currency is now virtually redundant after years of inflation and the advent of cashless payment technology and tonight’s budget could sound its death knell, not least because it now costs the mint six cents to make every five cent coin.

If the budget does kill off the five cent coin, it will lead to a change in pricing structures nationwide, as retailers currently round up or down to the nearest five cents for cash payments.

It would also lead to lighter wallets, unencumbered by vast numbers of tiny silver coins.

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