Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Coin change proving to be a big nuisance

Media Release

Newmarket Business Association

Sunday 6 August 2006

Coin change proving to be a big nuisance

“The five-cent phase out is not serving any purpose other than leaving a sour taste in many people’s mouths and causing unnecessary work for retailers,” said Cameron Brewer, head of Auckland’s leading shopping district, Newmarket.

Tomorrow marks a week into the Reserve Bank’s three month transition period, when both the old and new coins can be used. From 1 November 2006, the old 50, 20, 10 and 5 cent coins will no longer be legal tender.

“What we have seen so far is plenty of confusion, with shop assistants often having to bare the brunt of it. Some consumers aren’t enjoying the principal of being told the cash price is say $9.90 but then paying by EFTPOS and being electronically charged the non-rounded figure of $9.95.

“The shopping experience will be even further soured after the first of November. Those pulling out their old silver will be told it’s worthless. That will be hard on the likes of the elderly. However these negative experiences won’t reflect on the Reserve Bank. They’ll reflect on the individual retailers.

“Retail is hard enough this winter without this unnecessary drama. Not only is it souring some shoppers but its causing retailers more work. Some banks are asking retailers when they do their banking to split their old and new coins up, to speed up the process of getting the old coins out of circulation. Retailers have got enough to worry about this winter.

“The replacement of our silver coins and the phase-out of the five cent coin is completely unnecessary and premature, costing the likes of vending machine operators a lot of money to refit their machines

“Australia still has its five cent. The United States still has its one cent and the five cent Nickel, and the United Kingdom still has its penny. The phasing-out of these countries’ lowest denominations is not even on their radar. However in New Zealand we’ve been only too happy to jump the gun without rhyme or reason.

“It’s been a nice little project for some bureaucrats in Wellington but at the shop counter it’s simply proving to be another unnecessary compliance cost that’s only adding angst,” said Mr Brewer.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Dry: Beef + Lamb Launches Drought Resources

The resources include a fact sheet outlining strategies to manage and mitigate the effects of drought, coping with stress on the farm and advice on feed requirements and animal welfare during the dry period. More>>


InternetNZ: Net Neutrality Failure In US "Will Hurt All Users"

InternetNZ Chief Executive Jordan Carter has condemned the decision by the United States communications regulator to undo 2015 open Internet rules, warning that all Internet users will end up worse off as a result. More>>


Mycoplasma Bovis: More Properties Positive

One of the latest infected properties is in the Hastings district, the other three are within a farming enterprise in Winton. The suspect property is near Ashburton. More>>


Manawatū Gorge Alternative: More Work Needed To Choose Route

“We are currently working closely and in partnership with local councils and other stakeholders to make the right long-term decision. It’s vital we have strong support on the new route as it will represent a very significant long-term investment and it will need to serve the region and the country for decades to come.” More>>


ScoopPro: Helping PR Professionals Get More Out Of Scoop has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>