Posted: 4 November, 2016 by News

PM Admits It Might Be Time To Ditch 5c Coins

Is it time to say "bye" to the Echidna?

Prime Minister Malcolm Turnbull admits it might be time to ditch five cent coins. 

The PM was asked about the relevance of five cent coins today and admitted he was open to debate. 

The issue is expected to come up at the Liberal State Council over the weekend.

"It's a good question. I'll be very interested to follow the local debate on that," he told Launceston's LAFM. 

"You don't see them a lot anymore, do you actually. It's a fair point."

Mr Turnbull was more open to the five cents debate than his treasurer, who famously refused to answer the question when asked the day after the May budget.

"If you can get as many people as in this room again who are interested in that topic, I'll answer your question," Scott Morrison told News Corp's Malcolm Farr in his traditional National Press Club address.

It now costs the Mint more than five cents to make the coin. New Zealand removed 5 cent coins from circulation in 2006. 

In February, then Assistant Minister to the Treasurer Alex Hawke said Australia was getting close to the point where the coin doesn't have a lot of use, especially given you can't use it in many machines.

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