Section 1 - Introduction & Overview (continued)
Resources for Outcomes
Key priorities in 2007–08
The Royal Australian Mint’s 2007–08 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 issues
Key Outcomes in 2007–08
Outcome 1 – Satisfy the Reserve Bank of Australia’s forecast for circulated coin
(1) |
(2) |
Variation |
Budget** |
|||
Revenue from Other Sources |
||||||
Output Group 1.1 – Royal Australian Mint |
||||||
Output 1.1.1 – Coin production, associated policy advice and visitors services |
59,482 |
112,905 |
53,423 |
59,021 |
||
Total Revenue from Other Sources |
59,482 |
112,905 |
53,423 |
59,021 |
||
Price of Departmental Outputs |
||||||
Output Group 1.1 – Royal Australian Mint |
||||||
Output 1.1.1 – Coin production, associated policy advice and visitors services |
58,464 |
81,468 |
23,004 |
56,464 |
||
Total Price of Outputs |
58,464 |
81,468 |
23,004 |
56,464 |
||
TOTAL FOR OUTCOME 1 |
1,018 |
31,437*** |
30,419 |
2,557 |
||
2007-08 |
2008-09 |
|||||
Average Staffing Level |
180 |
201 |
||||
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 Minister's needs in administering their responsibilities and implementing Government decisions as they relate to coinage and the Royal Australian Mint operations.
- Produce circulating coin to Reserve Bank of Australia needs.
- Meet financial performance targets.
- Maintain the National Coin Collection and the Royal Australian Mint's Visitors Gallery and promote public understanding about the cultural and historical significance of coins.
Analysis of Performance
During 2007–08, the Mint continued to provide a professional level of advice to the Treasury Portfolio Ministers, and liaised as appropriate with other agencies on a range of issues relating to coinage and Royal Australian Mint operations. The Mint responded to ministerial correspondence, provided relevant information, and met all other ministerial procedural responsibilities.
Whilst continuing to produce circulating coins based on forecasts provided by the Reserve Bank of Australia (RBA), the Mint focused its attention on ways to improve accuracy in meeting the circulating coin requirements of the Australian community. The Mint engaged directly with the commercial banks, and as a result, now has a better understanding of the issues that impact on the demand for circulating coins.
The Mint’s visitor gallery continues to be an important attraction in the Canberra region. It is a significant stop for visiting tourists and for school children as part of their education curricula. The public traffic continued despite the fact the Mint premises are under renovation. The Mint its gradually upgrading its communication channels with the general public. It has recently upgraded its web site and the next phase will see enhancements to our call centre capabilities.
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