A contract was let to demolish the suspension bridge, after the second  one was opened in 1969, and despite local rumours of the day, it was not re—assembled in Adelaide or Japan.
Due to the original use of so much second hand material and the effects of the elements, not a great deal was worth salvaging.
What could be, was sold, and it is of interest to note that some of the metal and decking was bought or acquired by local people. 
Pieces of metal cable reappeared from time to time at the old Phillip Island Shire tip site, where much of it was buried.
The Shire purchased steel girders – difficult to work with — which were used for structuring at the Shire depot.
Islanders found many uses for the old wooden decking, including tables and chairs.
And a small bridge across a waterway at the Phillip Island Golf Club was made from it.
The worst part of the demolition for locals on both sides was the continuous blasting out of the old foundations.
Before each detonation, a boat with a man standing in it with a loud hooter would travel up and down the San Remo beaches warning people to leave the water for fear of broken ear drums and/or death.
Many fish died. 
Others were frightened away from the area and fishing conditions did not return to normal for at least two seasons.