The smallest monetary denomination in circulation (i.e., coin in use) is $0.05, what we Americans call the nickel -- in spite of the dearth of actual nickel in our five-cent coin. But not to worry royalophiles, the Queen's mug appears on every other Australian coin.
Why have the Australians done away with pennies, or pence, or whatever this corner of the Commonwealth might have previously dubbed the one-cent piece, you wonder? It's very simple: Shit is too expensive to be worried about pennies. If you have to count yer wad down to the penny, you cannot afford this South Pacific paradise. So buck up and round up. It all evens out in the end -- meaning you lose between $0.01 and $0.04 on each transaction.
G'day.
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