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4 July, 2012

Hon ED DERMER: […] I will just share my layman’s thoughts on the nature of this dollar I hold in my hand. As a medium of exchange, we expect the dollar to be accepted in exchange for goods and services we might want. The quality and quantity of the goods and services is the purchasing power of this $1 coin. In times past, the value of a coin’s metal—the metal content of the coin—more closely reflected its purchasing power. The pennies issued by Henry I of England in the twelfth century were silver pennies and they correspondingly had a much higher purchasing power than the coins we use today.

Hon Matt Benson-Lidholm: Hon Ed Dermer, would you consider tabling that dollar?

Hon ED DERMER: Hon Matt Benson-Lidholm, having looked at the —

Hon Matt Benson-Lidholm: You’re a man of means!

Hon ED DERMER: Not at all, my honourable colleagues, but having considered the increasing indebtedness of the state of Western Australia, perhaps I should donate it to the new Treasurer once one is decided on!

Hon Ken Travers interjected.

Hon ED DERMER: My colleagues are endeavouring to be helpful and I appreciate that, but I am worried about the lack of time I might have to complete my comments, so I will proceed.

Subject: Estimates of Revenue and Expenditure [Legislative Council – Consideration of Tabled Papers]

Date: 19 June 2012

Hansard reference: pp. 3807-3808 [online (pdf)]

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