Australian Government - Royal Australian Mint

Annual Report 2006-07

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Resources for Outcomes

Key priorities in 2006-07

The Royal Australian Mint's 2006-07 Portfolio Budget Statements and internal planning processes identified the following key priorities for Outcome 1:

• Satisfy the Reserve Bank of Australia (RBA) forecasts for circulating coin by monitoring the forecasts and matching production to the forecasts.
• Promote public understanding about the cultural and historical significance of coins.
• Provide advice on coin related issue.

Key outcomes in 2006-07

Output 1.1.1: Coin production, associated policy advice and visitor services

The Mint delivers a single output — 'coin production, associated policy advice and visitor services'.

Performance Information

The key performance indicators are:

• Advice meets Treasury Portfolio Ministers’ needs in administering their responsibilities and implementing Government decisions as they relate to coinage and the Mint’s operations.
• Produce circulating coin to RBA forecasts.
• Meet financial performance targets.
• Maintain the National Coin Collection and the Mint's Visitors Gallery and promote public understanding about the cultural and historical significance of coins.

Analysis of Performance

The Mint provided advice to support the Treasury Portfolio Ministers and engaged with other agencies on issues relating to coinage and the Mint's operations. In addition, the Mint processed ministerial correspondence, published relevant information and met other procedural requirements.

The Mint produced circulating coins based on the forecast provided by the RBA. The Mint attended bi-annual meetings with RBA to discuss and review forecasts and gain a better understanding of demand trends for circulating coin. The Mint also held discussions with the Australian Payments Clearing Association (APCA) – on circulating coin issues. These meetings also provided the Mint with a greater insight into issues confronting the industry.

Due to the refurbishment and the closure of the Visitors Gallery, the visitor experience at the Mint is currently being reconstructed. A temporary exhibit, 'Treasures of the National Coin Collection' has been established and the theatrette video has been updated to entertain and educate visitors on the role of the Mint, the refurbishment project and the history of coins through the ages. The Mint shop and the 'mint your own' press also remain open to visitors.