The same could be said for ‘tis, of course, but I can see the argument for using it’s there - no additional syllables, no extra letters or strokes of a pen - but where is the ‘twas equivalent?! Why have we decided to abandon our boy when we don’t even have anything we’re trying to replace him with

“I’m sorry, sweetie, but the money for a new potential suitor isn’t In the budget right now. Just use your sister’s old one, she doesn’t want it anymore”