AUSTRALIA’S PRIME MINISTER ASKED ABOUT FIVE CENT PIECE

IT COSTS six cents to make each five cent piece and yet millions continue to be minted each year. But it seems even the Prime Minister thinks it could now be a waste of money to keep producing Australia’s tiniest coin. Malcolm Turnbull said on Friday ditching the 5c coin could make sense.

The great coin question first arose in May when News.com.au’s Malcolm Farr asked Treasurer Scott Morrison if it was worth producing the 5c piece given its dwindling use and the increase in electronic payments.

The minister thought the notion was a frivolity, responding “If you can get as many people as in this room again who are interested in that topic, I’ll answer your question.”

But the question has refused to go away with the Tasmanian Liberals putting the issue on the agenda of a party meeting this weekend in Launceston. The motion says the 5c piece should be scrapped as it is “rapidly becoming irrelevant”.

Turnbull, who is in Tasmania to address the meeting, was asked on Friday by local radio station LAFM whether he thought the coin should go. He was more forthcoming on the debate than his Treasurer.

“It’s a good question. I’ll be very interested to follow the local debate on that,” he said.

“You don’t see them a lot anymore, do you actually? It’s a fair point.”

To read the complete article, see:
Prime Minister Malcolm Turnbull open to scrapping the 5c coin (www.news.com.au/finance/money/prime-minister-malcolm-turnbull-open-to-scrapping-the-5c-coin/news-story/09d4567fc58317705e3467762f1f6eb1)

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