Corporate Plan

The Corporate Plan 2019 -20 to 2022-23 is available in HTML and also as a PDF


Chief Executive 's Foreword
As the Chief Executive of the Royal Australian Mint (the accountable authority), I present the Royal Australian Mint’s 2019-20 Corporate Plan as required under paragraph 35(1)(b) of the Public Governance, Performance and Accountability Act 2013 (PGPA Act)

This plan updates the previous plan and outlines how the Mint intends to deliver against its purpose over the four year period from 2019-23

The Mint 2019-20 Corporate Plan complements the Strategic Plan, which together form our key planning documents  Through an iterative consultative process with staff, senior managers and board members, deliverables were agreed upon and targets set to achieve an acceptable Return on Net Assets for the coming year

The Australian Government earns revenue from the issue of circulating coins. Historically, this revenue was paid to the “seignior” or crown. Seigniorage is the difference between the value of the coins and their production costs which is paid to the Government.  Apart from seigniorage, the Mint has worked to deliver growth in earnings in its collector or numismatic business. The combination of returns from currency and numismatic sales is applied in the Return on Net Assets measure which positively demonstrates the Mint’s use of its resources.

Our strategic planning process provides the opportunity to shape our future and focus our efforts on those areas that are most important in delivering against our purpose and core functions; including recognising the continual improvement and healthy practices necessary to remain relevant and sustainable

 his plan recognises that we operate in an environment of continuing global uncertainty and technological change  Anticipating and responding to change, managing risks, building and sustaining strong relationships with stakeholders and customers, optimising the use of our assets including our strongly recognised brand, and investing in key capabilities are central to delivering value to the owners of the business – the Australian Government

Ross MacDiarmid
Chief Executive Officer
August 2018


The Mint, based in Canberra, operates under the Currency Act 1965  Our purpose is to serve the coinage needs of the Australian economy, collectors and foreign countries  These needs are met through the manufacturing and sale of circulating coins and other minted products

Our Role

The Mint’s role has embraced its activities to include the use of and experience associated with the collection of coins and the presentation of programs delivered by the Mint

The Mint is responsible for:

Circulating Coins

Circulating coins are part of the national currency system of Australia  These coins represent a real value and acts as a medium of exchange  Designs depicted on these coins are national flora and fauna, culture, heritage and, on occasions, nationally significant historical and contemporary events

Numismatic Coins

Numismatic coins are used as a medium that represents real and intrinsic value These coins feature designs that tell the stories of Australia, its history, heritage, environment, wildlife

Visitor Gallery

The Visitor Gallery is a community service that provides visitors to the Mint with an education on the history of Australian coinage as well as how technology is being used in a contemporary manufacturing environment to produce metal products

Minting, Machining and consulting services

This is a range of associated assets, knowledge and services that are being utilised to ensure the optimisation of the Australian Government’s investment in the Mint

Our Values

The Mint upholds the Australian Public Service (APS) values as set out in the Public Service Act 1999 In addition to the APS values, the Mint places particular focus on leadership values which are demonstrated when we empower our staff, deliver on our commitments, recognise performance, create solutions and measure to manage


Critical to the delivery against our purpose is anticipating and responding to changes in demand in our operating environment  This section sets out the nature of our operating environment over the four-year reporting period of this plan and how it may affect our operations  The following areas of the economic and regulatory contexts are relevant to the achievement of the Mint’s purpose:

  1. The core business of the supply of circulating coin is being significantly affected by alternative forms of disruptive technology such as contactless payments like ‘Pay Wave’ or ‘Pay Pass’, digital currency and other forms of transaction capability
  2. The economic environment continues to be volatile and uncertain  In recent years both the domestic and international economic conditions have been challenging  The Mint is expecting to operate in an environment of ongoing lower economic growth, volatile commodity prices and continuing worldwide uncertainty in this declining industry
  3. The Mint is in a sound financial position which provides a good base from which to grow and invest, particularly in innovation and the ability to leverage our creativity
  4. The commercial activities of the Mint directly compete against private mints and state-owned sovereign mints in a market with increasing operational capacity  The Mint continues to benchmark its cost base against competitors to aid the pursuit of operational efficiencies and process improvements
  5. The Mint’s governance and control processes are well established and provide a level of oversight that helps to minimise risk
  6. The ownership by the Commonwealth and the Mint brand are highly regarded by the international market as significant strengths


The performance of the Mint is measured in terms of the Return on Net Assets over the four-year reporting period of this plan  Performance measurement informs the Parliament about the Mint’s performance and delivery against its purpose  The performance framework is also designed for the Mint’s leadership and staff to understand the impact of the activities they are responsible for in delivering against the Mint’s purpose

The performance measures convey a coherent message about what the Mint expects to achieve in the next four years  The measures will be reported and reviewed annually over the life of the corporate plan  The performance reporting framework sets out how the Mint intends to provide performance measurement and reporting of outcomes under the Public Governance and Accountability Act 2013 (PGPA Act)  The Mint’s Portfolio Budget Statements (PBS) detail the targets to be used to measure our progress against our performance measures

The programs which contribute to achieving the Mint’s outcome and purpose are:

Program 1 1 — to produce and distribute circulating coins and minted products to meet the demands of the Australian economy, collectors and foreign countries

This program contributes to achieving the Mint’s outcome through:

Production, maintenance and sales to meet demand for:

  • Australian circulating coins;
  • Foreign country circulating coins;
  • Numismatic products; and
  • Other custom minted products

Maintenance of Australia’s National Coin Collection:

Tourism and education services for public and school groups to:

  • Maintain the Mint’s visitor gallery, including building and surrounds;
  • Provide educational programs to school students who visit the Mint; and
  • Promote public understanding about the cultural and historical significance of coins

Performance Criteria

Key Perfomance Idicator (kpi)





Produce and deliver Australian circulating coins in a cost effective and timely manner



Seigniorage return to Commonwealth


Volume pieces






























Optimum return on investment       


Return on net assets                                    

Return on net assets

RONA: 35%

RONA: 35%

RONA: 35%

RONA: 35%

Commercial orders placed are produced and delivered within agreed delivery time



Product delivered on time and in full


DIFOT: 90%

DIFOT: 90%

DIFOT: 90%

DIFOT: 90%

Visitor satisfaction rating of Mint experience



Visitor Satisfaction survey results

Survey Result: 95%

Survey Result: 95%

Survey Result: 95%

Survey Result: 95%

Increase in visitor numbers compared to prior year



Number of visitors recorded









Provide a safe, secure and sustainable operational environment



Retention of certification

Certification retained: Yes

Certification retained: Yes

Certification retained: Yes

Certification retained: Yes


Number of major Injuries

Major injuries: Nil

Major injuries:

Major injuries:

Major injuries:


Number of security breaches

Security Breaches: Nil

Security Breaches: Nil

Security Breaches: Nil

Security Breaches: Nil

Build on brand awareness



Net promoter score results (NPS)





Have engaged, motivated and committed staff



Staff satisfaction survey results

Staff survey result: 75%

Staff survey result: 75%

Staff survey result: 75%

Staff survey result: 75%

The Mint uses a balanced scorecard approach and reports monthly on these and other operating metrics


The Mint is committed to undertaking and achieving its purpose in an operationally sustainable way, by being an organisation that is constantly evaluating its performance and assessing market opportunities over the four years of this plan

To provide an acceptable Return on Net Assets to the Australian Government now and over the four-year reporting period, the Mint is implementing the “Securing our Future” program  This program focuses on four capability areas that are improving the way we do our business and deliver against our corporate plan  These key capabilities include: leveraging existing relationships and creating new programs; formalising and strengthening vendor management; implementing our innovation program; and continuing to review our cost management process


Risk Management

  • The Mint’s Executive has adopted a Risk Management Policy and Framework, which formalises the Mint’s approach to risk management across the organisation  It is designed to support managers at all levels to anticipate uncertain events, exploit opportunities and respond appropriately to potential weaknesses
  • The Mint is committed to a comprehensive, coordinated and systematic approach to the management of risk  Risk management is not a standalone process but requires ongoing assessment, including the need to review risks in light of new developments  Risk management is an integral part of the Mint’s governance framework, and is considered in the context of the Mint’s strategic outputs and outcomes, business planning and reporting, and in day-to-day decision-making
  • The framework is consistent with Australian/New Zealand Standard (AS/NZS) ISO 31000:2018 and the Comcover Better Practice Guide for Risk Management (June 2008) as well as the Commonwealth Government Risk Management Policy (Commonwealth Policy), which was released 1 July 2014 as an element of the Public Management Reform Agenda
  • The PGPA Rule 2014 requires that an entity’s Corporate Plan must provide a summary of the risk oversight and management systems
  • The Mint addresses its internal and external risks on a whole of organisation basis  The following are the Mint’s identified strategic risks and their mitigation strategies:

Key area of Risk

Mitigation strategies

Failure to fully comply with Mint critical accreditations

Timely internal & external audits and actions arising
Continuous education and commitment to agreed
business processes and timely reporting
Focus on the changes and take actions as required

Diminishing demand for coinsdue to emerging technologies

Continue to engage with relevant stakeholders
and align our strategic outlook
Actions based on market research and close
monitoring of global trends
Promote the security and cost benefits of using
tangible currency

Failure to use data (financial and performance)

that enables the business to meet its objectives

Identify, prioritise and produce the data and
information requirements of the Mint including:
Implement a data analytics tool
Development and implementation of reports
and dashboards; combined with a capability
development program to embed integrity and
gain insights

Diminishing demand- Circulating Coins- leading to

reduced dividends to Government (Seigniorage)

Continue to grow Pacific market
Coin review (size) and alternate coinage alloy
Continue to design and release coloured
circulated coins Investigate the coin/banknote boundary to
explore the feasibility of introducing a $5 and/or $10 coin
Investigate the coin/banknote boundary to create
targeted countries for coin reforms, based on their
existing currency matrix
Emphasise the non-economic benefits of coins
(historic preservation, financial literacy, art and
culture, Australian manufacturing etc.)

Diminishing demand - Collector Products -

resulting in loss of revenue and reduced profit

Develop new markets by exploiting appropriately
themed licensed products
Form strategic partnerships, including sporting
organisations and charities
Pursue new distribution partners to enable
connection to new markets
Leverage ANZAC program
Innovate the product development process
Raise awareness of coins and the Mint by
undertaking activities that generate discussion and
engagement from customers and citizens alike

Failure to identify fraud during the normal course

of business (both internal and external)

Fraud Control Plan in place
Fraud, Ethics and Security Awareness Training
program in place Public Interest Disclosure
(Whistleblowing) Policy Security Communication Plan

Inconsistency of quality and timely supply of

precious metal blanks

Develop vendors and alternate local suppliers
Review blank specification
Apply LEAN methodology

Ineffective supplier relationship

Vendor Development Plan
Apply LEAN methodology
Appoint and confirm relationship manager
QA check list and compliance process

Negative market reaction to a program

Research the market and if in doubt test
stakeholder reaction
Learn from post implementation review
Ongoing program and product review in line with
our chosen growth strategies

Severe economic downturn leading to changes in:

• Market

• Global economic outlook

• Industry trends

Regular participation in industry events such as
World Money Fairs, Mint Directors’ Conferences
and major coin shows around the world
Scenario Plans developed and tested against
prevailing market conditions and incorporated into
annual Strategic Planning Review
Joint venture between private and state minting
organisations - with a lessons learnt methodology
Input and feedback from Advisory Board
Externalise metal purchase risk
Externalise exchange rate fluctuation for
overseas orders
Develop a transition plan taking into account the
Strategic Planning Day objectives and scenario

Contact Details


Royal Australian Mint

Denison St


Visitors are welcome between 8.30 am and 5.00 pm weekdays and between 10.00 am and 4.00 pm on weekends and public holidays. The Mint is closed to visitors on Good Friday and Christmas Day




Domestic: (02) 6202 6900

International: +61 2 6202 6900