Small change is about to become extinct
Woolworths have announced they are aiming to move all their products to rounded pricing - that is, prices ending in .99 and .95 will be a thing of the past.
That means the humble five cent coin is in danger!
Woolworths buying and merchandising boss Steve Donohue told news.com.au:
“At Woolworths, we’re focused on making the shopping experience easier and more convenient for our customers. Rounded pricing is not a formal program as such, but we know pricing this way makes budgeting simpler for the customer.
"Our customers have responded well to the initiative across the store, particularly the value it has also brought across our Prices Dropped and Low Price Always range.”
Coles, Aldi and independent retailers have yet to plan such 5c-threatening activities. But Prime Minister Malcolm Turnbull said back in November that it “made sense” to phase out our little silver friends.
The Australian Mint produced 20 million five cent pieces last year - which cost 6c each to make (!!)
Mint chief executive Ross MacDiamid celebrated the coins’ 50th birthday in February by predicting its demise:
“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.
“It’s lost its utility; it will lose interest from the public.”