A tool bit holder for releasably retaining a shank of a tool bit having three flat faces and an annular groove, the tool bit holder comprising: a holder body that includes a shank-receiving bore bounded by an inner wall having three flat inner wall surfaces (128a, 128b, 128c); a plurality of windows (134a, 134b, 134c) defined in the inner wall, each window extending radially outward from the bore; a plurality of retaining members (136a, 136b, 136c), each retaining member received in one of the plurality of windows and extending at least partially through the window into the bore; and an elastic band disposed around one or more retaining members (136a, 136b, 136c) and biasing the one or more retaining members radially inward toward the bore; wherein the flat wall surfaces of the bore are configured to engage the flat faces of the tool bit to non-rotationally retain the shank of the tool bit in the tool bit holder and the retaining members (136a, 136b, 136c) are configured to engage the annular groove of the tool bit to axially retain the tool bit in the tool bit holder; characterised in that: the tool bit holder is for releasably retaining a tool bit with a triangular cross-sectioned shank, wherein the three flat faces of the shank of the tool bit are arranged generally in a triangle, and the three flat inner wall surfaces (128a, 128b, 128c) of the shank-receiving bore of the holder body are arranged generally in a triangle; and the inner wall of the shank-receiving bore of the holder body includes a concave wall surface (130a, 130b, 130c) at each junction between adjacent flat inner wall surfaces (128a, 128b, 128c), each concave wall surface configured to engage a convex wall surface at a junction between adjacent flat faces of the tool bit shank, and each window (134a, 134b, 134c) is defined in one of the concave inner wall surfaces. a holder body that includes a shank-receiving bore bounded by an inner wall having three flat inner wall surfaces (128a, 128b, 128c); a plurality of windows (134a, 134b, 134c) defined in the inner wall, each window extending radially outward from the bore; a plurality of retaining members (136a, 136b, 136c), each retaining member received in one of the plurality of windows and extending at least partially through the window into the bore; and an elastic band disposed around one or more retaining members (136a, 136b, 136c) and biasing the one or more retaining members radially inward toward the bore; wherein the flat wall surfaces of the bore are configured to engage the flat faces of the tool bit to non-rotationally retain the shank of the tool bit in the tool bit holder and the retaining members (136a, 136b, 136c) are configured to engage the annular groove of the tool bit to axially retain the tool bit in the tool bit holder; characterised in that: the tool bit holder is for releasably retaining a tool bit with a triangular cross-sectioned shank, wherein the three flat faces of the shank of the tool bit are arranged generally in a triangle, and the three flat inner wall surfaces (128a, 128b, 128c) of the shank-receiving bore of the holder body are arranged generally in a triangle; and the inner wall of the shank-receiving bore of the holder body includes a concave wall surface (130a, 130b, 130c) at each junction between adjacent flat inner wall surfaces (128a, 128b, 128c), each concave wall surface configured to engage a convex wall surface at a junction between adjacent flat faces of the tool bit shank, and each window (134a, 134b, 134c) is defined in one of the concave inner wall surfaces. the tool bit holder is for releasably retaining a tool bit with a triangular cross-sectioned shank, wherein the three flat faces of the shank of the tool bit are arranged generally in a triangle, and the three flat inner wall surfaces (128a, 128b, 128c) of the shank-receiving bore of the holder body are arranged generally in a triangle; and the inner wall of the shank-receiving bore of the holder body includes a concave wall surface (130a, 130b, 130c) at each junction between adjacent flat inner wall surfaces (128a, 128b, 128c), each concave wall surface configured to engage a convex wall surface at a junction between adjacent flat faces of the tool bit shank, and each window (134a, 134b, 134c) is defined in one of the concave inner wall surfaces.