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#1 | ||
FF.Com.Au Hardcore
Join Date: Dec 2004
Location: Central Q..10kms west of Rocky...
Posts: 8,307
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Retailers fear backlash if five-cent coin axed
Jessica Wright June 26, 2011 Tossing the coin ... HIGH metal prices and inflation have combined to threaten the five-cent coin with extinction. And while there is not much love lost between retailers and Australia's littlest coin, the industry is likely to be concerned that under such a radical shake-up they could be bear the brunt of a consumer backlash. There have been past murmurings about the coin's future. But The Sun-Herald can reveal that the cost of making the five-cent coin now far outstrips its face value. A source from inside the nation's currency maker, the Royal Australian Mint, said the coin was increasingly ''redundant'' in the currency pecking order. Now, the Assistant Treasurer, Bill Shorten, is considering the Mint's advice to scrap it. Retailers have recently had something to say about the coin. Last month the Australian Retailers Association's executive director, Russell Zimmerman, reportedly said the five-cent coin was less relevant in today's economy. But he cautioned that scrapping the coin would impact most on small retailers. Under Australian law, it is legal for shopkeepers or businesses to refuse to accept payment in any form of currency, and many services and stores have already put in place a ban on the five-cent piece. Parking, phone and vending machines have already ceased accepting the tender and many other everyday services were moving rapidly away from cash transactions, especially from small-coin denominations. The Australian Vending Association's president, Phil Barry, told the ABC earlier this year the coin was now regarded as an endangered species. ''We've got rid of five cents out of vending machines,'' he said. ''The way vending machines are going is the note reader … and credit card readers.'' The consumer group Choice has said that a move to scrap the small piece of metal would be welcomed by a majority of the public, who considered it a nuisance. But it has previously called on the government to prioritise guidelines for retailers to round down rather than up if the coin was scrapped, saying every five cents added to the soaring cost of living. ''Consumers might regard the decision to round up a cost they shouldn't have to bear,'' said the National Retail Association's executive director, Gary Black. The national president of the United Retailers Federation, Scott Driscoll, was reported as saying last month that associated changes in prices would spark a ''crisis in confidence''. ''Our biggest problem now is getting confidence back in the retail sector and we don't need another hurdle with people thinking they're getting stung down to their last five cents.''
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CSGhia |
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#2 | ||
Regular Member
Join Date: Apr 2011
Posts: 83
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I've got a huge jar full of 5c pieces at home. One day I'll bag 'em up and take them to the bank but it's good to count out a pile every so often and take them to the local deli in exchange for a chico roll or something.
It keeps the money in circulation which can only be a good thing ![]() Although in a few years I think physical cash will be none existant anyway. I haven't paid cash for anything in about 2 weeks* *mainly cos im a tight-fisted pom ![]()
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99' Series I AU New brake switch at 203k+211k, new Discs and Pads + service at 212k |
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#3 | ||
FF.Com.Au Hardcore
Join Date: Feb 2010
Location: Sun City, North Australis
Posts: 4,274
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yay... more rounding up of prices...
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#4 | ||
FPV GTR
Join Date: Aug 2009
Location: South Island High Country
Posts: 2,355
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^ Someone has a brain to see where this will go.
I personally prefer using cash to pay for stuff. I am also lazy and will only ever pay for things with notes so end up with a few grands worth of coins at the end of the year. A nice bonus that I wasnt really expecting.
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#5 | |||
FF.Com.Au Hardcore
Join Date: Aug 2010
Location: NQ
Posts: 1,781
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#6 | ||
FF.Com.Au Hardcore
Join Date: Sep 2008
Posts: 684
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its very clear that we are moving to a cashless society, where you are payed in credits rather than cash (which isnt backed by anything anyway) people are happy to except credits for goods and services which just helps to blur the lines between the credits you worked for and the credits the bank will lend you in the form of a credit card/s. It is sad really that we work currently for legal tender not money, soon just credits. But i will tell you where we are headed from here, you know that cool chip that just appeared on you new bank card well that's a RFID chip, and now for your convenience (because your so busy working hard for your credits to pay with cash and hold up the line) your can just pay-wave for items under a $100 dollars, we have seen the adds. Thats what the RFID chip is for, but why stop there wouldnt it be cool if you didnt need the card at all just the RFID chip. You wouldnt need a wallet you have no cash you have no cards, your to busy for all that anyway. So where to put the chip its a bit small(RFID chips can be made tiny theres one in you dog for rego) we can just implant that in oh lets say your right hand with your next flu shot.
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#7 | ||
FF.Com.Au Hardcore
Join Date: Dec 2004
Location: Central Q..10kms west of Rocky...
Posts: 8,307
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This is where are headed !!!
MOBILE phones are being used as credit cards in an Australian trial touted as a technological "turning point". The 50-person trial by ANZ and Visa, announced today, uses an Apple iPhone case with a built-in memory card that acts as a credit card. When it is waved in front of a contactless payment reader, users can make purchases of up to $100 without a PIN or a signature. Visa Australia country manager Vipin Kalra said the trial was designed to prove financial companies could launch the technology without waiting for manufacturers to add it to phones. "We are still waiting for handsets to become available and this is a way to bridge that gap and use the technology today," Mr Kalra said. "It's been a real eye-opener so far and it's interesting to see the reaction of people around it. They say `how can I get one of these phones?'." The cases, built by DeviceFidelity with Visa, use a MicroSD memory card that works with an app and a prepaid debit card. The memory cards could in future be inserted directly in BlackBerry and Google Android phones to avoid adding an extra case, Mr Kalra said. He called the new technology a "turning point" for phone credit card payments and said Visa would seek to make the service commercially available in the US this year with Australia to follow. The new trial in Sydney and Melbourne follows a similar test with Telstra and the National Australia Bank more than year ago, though participants can now make purchases in many more locations. More than 20,000 contactless payment terminals have since been installed in Australian stores. Telsyte research director Foad Fadaghi said Australia was a prime location for such a service, given the high rate of mobile phone adoption and our willingness to try new technology. "There's definitely a place for this kind of service in the future and it won't be too long before we see it used for small transactions that are now annoying, like buying coffee or a bus ticket," he said.
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CSGhia |
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#8 | |||
FF.Com.Au Hardcore
Join Date: Sep 2005
Location: Brisbane
Posts: 3,568
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#9 | ||
FF.Com.Au Hardcore
Join Date: Jun 2009
Posts: 18,985
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if i become chipped does that mean i can be picked up for wandering at large and returned safely home.....
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#10 | |||
FF.Com.Au Hardcore
Join Date: Sep 2008
Posts: 684
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Quote:
the devils in the details ![]() ![]() I love how some researcher says buying a coffee is annoying, really who gets annoyed paying for a coffee ![]() It dosnt surprise me that apple is getting onto this, surley it not just me who has noticed everyone went out and brought an I-phone, did they even have a marketing campaign was it word of mouth? subliminal messages maybey? I dont what it was but every ones got one, I saw a guy on the train the other day with his Ipod, Iphone and Ipad, and I thought dont you get promo gear with that many purchases, you know stickers for you car hats and and jackets. "If you dont have an Iphone, well you dont have an Iphone" ![]() |
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#11 | |||
FF.Com.Au Hardcore
Join Date: Sep 2008
Posts: 684
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mabey by then wandering at large will be punishable by death. i read that a electrial engineer in I think in Sudan, has designed a RFID chip with cyandie in it so would be more cost effective to kill you and locate your body after with the push of a button. |
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#12 | |||
FF.Com.Au Hardcore
Join Date: Jun 2010
Posts: 2,199
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Now Ford-less ![]() But good things are coming in 6 months
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#13 | ||
FPV GTR
Join Date: Aug 2009
Location: South Island High Country
Posts: 2,355
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I dont want a phone with a chip to pay for things. They cant even work long enough to make Phone calls for more than 3 weeks.
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#14 | |||
FF.Com.Au Hardcore
Join Date: Sep 2008
Posts: 684
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Quote:
our currency is at the heights its ever been against the us dollar which is constantly devaluing due to the printing of currency qe1, qe2, soon qe3. though i use the term printing loosely as the federal reserve doesn't print currency it simply creates credits into accounts, which robs everyone with savings (china is very unhappy with being payed back the huge amounts of debt with devalued currency and have been off loading the stock piles of us notes for physical silver) but if our dollar keeps going up then our manufacturing dies, no more ozzie built fords, mustangs would be cheap though but will properly be made in china ![]() ![]() |
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#15 | ||
Join Date: Dec 2004
Posts: 9,292
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Im happy to be rounded up - just get rid of the bloody 5c piece.
Should have been axed years ago. |
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#16 | |||
Resident AFF detailer
Join Date: Dec 2008
Location: Melbourne, VIC
Posts: 3,730
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No longer an 'active' detailer. |
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#17 | |||
Browsing here and there..
Join Date: Aug 2009
Location: Melbourne, Victoria
Posts: 2,075
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#18 | ||
Thailand Specials
Join Date: Aug 2009
Location: Centrefold Lounge
Posts: 49,028
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Personally, I think we should do away with drivers license, credit cards, debit cards, any form of identity like passports and just have a national system that links your details via your biometrics, like retina or something.
RFID is a little too sus for me. The only way they could steal your details would be if they cut out your eye. Want to pay for something, just put your face on this thing, no PIN at the ATM or checkout etc. Links all your details to it, where you live, name age blah blah blah. |
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#19 | ||
Dunnydore Destroyer
Join Date: Jan 2005
Posts: 600
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20 of the little suckers makes a Dollar, then 20 of those makes a lobster!
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#20 | ||||
Captain Malcolm Reynolds
Join Date: Mar 2007
Location: Adelaide
Posts: 3,830
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But the 5c piece is the best one for the money spinner, it makes the most noise, and when you put like 30 of them in quick succession, nobody can hear themself think!
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Currently: 2014 Mazda6 GT (Daily) and 1999 Mazda MX5 (Fun Car) Previously: 2001 Ford Escape XLT; 2010 MC Mondeo; 1984 FD LTD; 2001 AU2 Falcon Forte; 2005 LS Focus Zetec; 1988 RE Colt; 1982 RB Colt; 1974 KE20 Corolla Quote:
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#21 | |||
FF.Com.Au Hardcore
Join Date: Sep 2005
Location: Brisbane
Posts: 3,568
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#22 | ||
Cruising...
Join Date: Aug 2009
Location: Perth
Posts: 3,819
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Putting all my trust in plastic and electrics is not going to happen. Cash cant go wrong. What if the system crashes like NAB(?) did earlier this year?
Many people were without money. And how bout security? There will always be ways around it. Sorry but im sticking to cash, keycard for larger purchases. Easier to control your spending aswell. Dont like where we're headed...
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#23 | |||
FF.Com.Au Hardcore
Join Date: Jun 2009
Posts: 18,985
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#24 | |||
FF.Com.Au Hardcore
Join Date: Feb 2010
Location: Sun City, North Australis
Posts: 4,274
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Quote:
Its been shown that RFID chips in cards can be read by a scanner while on the move. Imagine just walking along a busy footpath or shopping center how much info can be scanned without your knowledge?
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You've seen it, you've heard it and your still asking questions?? Don't write off the Goose until you see the box going into the hole.... |
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#25 | ||
Flairs - Truckers Delight
Join Date: Aug 2006
Location: Brisbane Northside Likes: Opposite Lock
Posts: 5,731
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ahaha potto
thats what i was gonna post
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#26 | ||
Awesome
Join Date: Oct 2007
Location: In my own little world..Everyone here knows me :)
Posts: 9,401
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I think within a 30yr timeframe, money/cash will be a thing of the past. Will we still have a currency? Sure! but it will all be swipe and go type of transactions.
Having to search down the back of the couch or under the seat of a car for coinage will be a thing of the past....looking for the remote...well that one will stay around for awhile though... ![]()
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#27 | ||
Peter Car
Join Date: Dec 2004
Location: geelong
Posts: 23,145
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5c are useless anyway. Not even parking meters will take them now.
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#28 | ||
Excessive Fuel Ingestion
Join Date: Dec 2004
Location: Central Queensland Coast
Posts: 1,585
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I reckon it's all going the wrong way.
Bring back the days when a cent could buy someTHINGS. So people value their money and what it could buy. Stupid inflation. Ed ![]()
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#29 | ||
Size it up
Join Date: Jul 2010
Location: big blue ball of mostly water
Posts: 591
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Australia Card anybody?
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#30 | ||
FG XR6T trayback
Join Date: Jan 2007
Location: N-W NSW
Posts: 1,308
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NZ got rid of the 5cent a few years ago, I think.
Last time I was over there, I never really noticed that it didn't exist. I say get rid of it here too. Name one thing that you can buy for 5 cents. |
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