Corporate Plan

Introduction

As the Chief Executive Officer (CEO) of the Royal Australian Mint (the Accountable Authority), I present the Mint’s 2022-23 Corporate Plan. The Corporate Plan is a requirement of paragraph 35(1)(b) of the Public Governance, Performance and Accountability Act 2013 (PGPA Act). The plan outlines how the Mint intends to deliver against its purpose over the four year period from 2022-23 to 2025-26 and sets key performance indicators against which the performance of the Mint can be assessed.

The Mint is Australia’s national mint and sole producer of circulating coins for Australia. The Mint is also the custodian of Australia’s National Coin Collection and has a role in telling the stories of Australia by recognising significant anniversaries, events, and organisations through coins. The Mint was officially opened in Canberra in 1965 to produce distinctively Australian coinage and facilitate a smooth changeover from pre-decimal pounds, shillings and pence to Australia’s own decimal dollars and cents. Australia’s decimal coins were introduced in 1966.

Today the Mint also produces circulating coins for other countries, and manufactures an array of collector coins, investor products, medals, medallions and tokens for domestic and international clients. As the custodian of the National Coin Collection, the Mint is responsible for collecting and preserving a representative record of Australian coinage for future generations. In recognition of its heritage value and special place in the nation’s history, the Mint building is listed as a Commonwealth Heritage site.

The Mint is a major tourism attraction in Canberra and helps educate local and international visitors on the history of Australian coinage, as well as how coins are produced in a contemporary manufacturing environment.

The Mint’s 2022-23 to 2025-26 Corporate 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.

Leigh Gordon AO, CSM

Chief Executive Officer

October 2022

Corporate Structure

The Mint is a listed entity under the PGPA Act. The Mint is covered by the Public Service Act 1999 and is Category E body within the Treasury portfolio. The Mint also operates in accordance with the Currency Act 1965.

The Mint does not receive an appropriation from the Australian Government, but instead is self-funded through the sale of coins, and operates a special account under the authority of subsection 78(1) of the PGPA Act. Under the funding arrangements the Mint returns any surplus to the Australian Government. 

The Mint is governed in accordance with a charter with Treasury, and a supporting memorandum of understanding. The CEO of the Mint has appointed an Advisory Board and an Audit and Risk Committee to assist in the discharge of the CEO’s responsibilities.

Purpose and Values

Our Purpose – Coins for Australia and the world

The Mint serves the coinage needs of the Australian economy, collectors and foreign countries. These needs are met through the manufacture and sale of circulating coins, investment and collectable coins and other minted products. The Mint also maintains the National Coin Collection, and interacts with the public through the operation of the Mint gallery and shop, outreach activities, and through a virtual presence.

The key elements of the Mint’s purpose are expanded as follows:

Circulating Coins Part of the national currency system of Australia and our partner countries. These coins represent a real value and act as a medium of exchange. In Australia the designs depicted on these coins are national flora and fauna, culture, heritage and, on occasions, nationally significant historical and contemporary events.
Collectible and investment coins 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, culture and achievements.
Commercial partnerships Circulating, collectible or investment coin programs developed with commercial partners to celebrate and commemorate important aspects of Australian history and society.
Visitor Gallery and Outreach An educational experience on coins, including the history of Australian coinage and the use of technology in manufacturing at the Mint.
National Coin Collection A vast collection of historically significant objects relating to currency, coinage and medallic art spanning from the 18th Century through to modern times.
Online Presence A platform that enables the Mint to engage and connect with audiences’ world-wide on the Mint experience, its products and coins in general.
Minting, machining and consulting services 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.

The program which reflects the Mint’s outcome and purpose is:
Program 1.1 - To produce and distribute circulating coins and minted products to meet the demands of the Australian economy, collectors and foreign countries.

Our Values and Priorities

The Mint upholds the Australian Public Service (APS) values as set out in the Public Service Act 1999.

  • Impartial – the Mint provides the Government with advice that is frank, honest, timely and based on the best available evidence.
  • Committed to service – the Mint serves the coinage needs of the Australian community.
  • Accountable – the Mint is open and accountable to the Australian community under the law and within the framework of Ministerial responsibility.
  • Respectful – the Mint respects all people, including their rights and their heritage.
  • Ethical – the Mint demonstrates leadership, is trustworthy, and acts with integrity, in all that it does.

The Mint has to prioritise activities to deliver on outcomes and balance resources. The Mint broadly applies the following priorities:

  • The safety of Mint employees, contractors, the public and stakeholders is the number one priority for the Mint
  • A close second priority is ensuring that the Mint secures and protects its valuable assets including, coins, tooling, information and data
  • The Mint will effectively deliver outcomes that are approved by the Government and meet the needs of our customers
  • The Mint will continually strive to improve efficiency

Environment

Critical to the delivery against our purpose is anticipating and responding to changes in demand in our operating environment. Key elements of the Mint’s environment are detailed in the following points:

  • There has been a broad reduction in the demand for cash, including circulating coin, as payment preferences evolve in response to emerging technologies. However, access to cash remains important for elements of society.
  • The demand for investment and collectible coins is growing as the Mint identifies new opportunities and customers continue to value Mint products.
  • The economic environment continues to be volatile with variable economic growth, changing commodity prices, and worldwide uncertainty in a generally declining minting industry.
  • The Mint is in a sound financial position providing a dividend to the Government and good base from which to grow and invest, particularly in innovation and the ability to leverage our creativity.
  • The activities of the Mint directly compete against private mints and state-owned sovereign mints in a market with increasing operational capacity. The Mint’s collectibles and investment business lines operate in a highly competitive and dense marketplace, both within Australia and overseas.
  • The Mint’s governance and control processes are well established and provide a level of oversight that helps to minimise risk.
  • The ownership by the Commonwealth and the Mint brand are highly regarded by the international market as significant strengths.
  • The impacts of the pandemic, such as reduced international travel visitors, and labour shortages, are affecting the Mint operations.
  • The Mint is growing in its role as a National Institution, but has to compete with other Canberra based institutions that are investing in gallery developments.
  • Key inputs for the Mint supply chain, such as metal blanks and plastics, are sourced overseas and subject to geopolitical and environmental impacts.
  • The Mint building was constructed in the 1960s, requires continual upgrade to meet contemporary standards in areas such as security and safety, and limits the layout and the workflow of the Mint.
  • With manufacturing capabilities that are comparatively rare in the Australian Capital Territory(ACT), and commercial capabilities that are not common in the Australian Public Service, the Mint has to carefully plan for the recruitment of its workforce.
  • Society is increasingly expecting institutions to place an importance on meeting Environmental, Social and Governance obligations, and delivering public benefit.

Performance

The performance reporting framework supports the Mint demonstrating the delivery of outcomes under the PGPA Act. The Mint Portfolio Budget Statements (PBS), details the targets used to measure performance against the Mint outcomes.

Performance Criteria Key Performance
Indicator (KPI)		 2022-23 2023-24 2024-26
and the
forward
estimates
Produce and deliver Australian circulating coins in a cost effective and timely manner Volume pieces sold
Seigniorage return to
Commonwealth		 Volume:
123mpcs
Seigniorage:
$39.2m		 Volume:
110mpcs
Seigniorage:
$33.4m		 Volume:
104mpcs
Seigniorage:
$30.4m
Optimum return on investment Return on Net Assets RONA: 30% RONA: 30% RONA: 30%
Collectibles orders placed are produced and delivered within agreed delivery time Product Delivered In Full and On Time DIFOT: 90% DIFOT: 90% DIFOT: 90%
Visitor satisfaction rating of Mint experience Visitor satisfaction survey results Survey result: N/A (COVID-19 impacted) Survey result: 95% Survey result: 95%
Visitor numbers* Number of visitors recorded Visitors: 115,000 (COVID-19
Impacted)		 Visitors: 164,500 (COVID-19
Impacted)		 Visitors:
350,000
Provide a safe, secure and sustainable operational
environment		 Retention of certification
Number of major injuries Number of security breaches		 Certification retained: Yes Major injuries: Nil
Security Breaches: Nil		 Certification retained: Yes Major injuries: Nil
Security Breaches: Nil		 Certification
retained: Yes Major injuries: Nil
Security Breaches: Nil
Build on brand awareness Net promoter score results NPS: 70 NPS: 70 NPS: 70
Have engaged, motivated
and committed staff		 Staff satisfaction survey
results		 Staff survey
result: 79%		 Staff survey
result: 80%		 Staff survey
result: 80%

 

* Visitor numbers are expected to continue to be impacted by COVID-19 with a gradual return to visitor numbers over a three to four year period.

A number of performance indicators are expected to continue to be impacted by COVID-19. The impact will be reflected in the performance results in the Annual Performance Statements.

Performance Measures

The execution of the 2022-23 to 2025-26 corporate plan provides an opportunity for the Mint to review the current performance measures and ensure alignment with program outcomes.

The Mint recognises that producing and delivering Australian circulating coins in a cost effective and timely manner is an important element of the output and will continue utilising two measures currently in place:

  • the volume of circulating coin pieces sold, and
  • seigniorage return to the Commonwealth.

The Mint recognises that the optimum return on investment is a parameter of importance, and will continue to use the Return on Net Assets (RONA) measure. However, the Mint also believes that a measure of the actual financial return to Government is useful to put RONA into context and will develop an appropriate measure for future performance.

The Mint currently reports on collectible coin orders being produced and dispatched within agreed timeframes through the use of the Delivered In Full and On Time (DIFOT) measure. The Mint intends to expand this measure to include Australian circulating coins, foreign circulating coins, and investment coins to allow an enterprise wide assessment on the Mint’s delivery performance.

In assessing the performance as a tourist and educational venue, the Mint currently monitors visitor numbers, and visitor satisfaction – both of which are impacted by COVID. In each of these measures the Mint aims to appropriately understand both numbers, and satisfaction of the visitors with the service.

A clear priority for the Mint is to provide a safe, secure and environmentally sustainable operational environment. The current measures being used are: retention of certification, number of major injuries, and number of security breaches. The Mint intends to develop measures that reflect the maturity of the security and safety system, and forecast the targets for improvement.

The current performance framework identifies Brand Awareness as a performance criterion and net promoter score as the measure. Net promoter score is an appropriate measure for Customer Satisfaction and Loyalty which is an important area where the Mint wishes to maintain an awareness.

Another key aspect of the Mint’s performance is having engaged, motivated and committed staff. An improved uptake of the APS Employee Census will allow the Mint to use this instrument to assess staff attitudes through the use of a combination of targeted measures. The initial two measures to be considered from the survey will be:

  • Mint staff participation in the APS Employee Census; and
  • the Census result for employee engagement.

Strategic Direction

As well as delivering against its purpose, the Mint is committed to constantly evaluating and adapting to the evolving environment, and to the needs of the public as our customers, and the Australian Government as our owners. The aspirations of the Mint are captured in the Vision. 

Our Vision – flexibly adapting to a changing world

The Mint, with a commitment to excellence and sustainability, will be an industry leader in delivering sustainable business that represents value to our stakeholders in an environment of evolution and change.

Our Strategies

In addition to the performance obligations for the next four years, the Mint has also committed to four strategies as a basis for continuous improvement and evolution to deliver on our vision.

Optimise return on the Mint’s core business.

The core business of the Mint is the manufacture and sale of coins and other minted products. In delivering on this strategy, the Mint will consider the following themes:

  • Maintaining and improving core minting capabilities such as manufacturing and material handling.
  • Reducing costs to ensure that products represent value in the eye of the customers.
  • Improving capacity and throughput to allow the Mint to meet the increasing demand for collectable and investment coins.
  • Continue to access and utilise the best available market demand information.
  • Optimise the performance and the efficiency of the Mint through research and development, continuous improvement, innovation and technology.
  • Monitoring and improving customer experiences and satisfaction.
  • Identify new opportunities to add value that align with the Mint’s authorities and approvals.

Profitably grow the investment and collectible business.

The growth in the investment and collectible business ensures the continued financial viability of the Mint and leverages off the Mint’s core business strengths. The key themes for this strategy are as follows:

  • Retain and protect the partnerships and programs that have been created to date.
  • Identify and deliver new partnership programs.
  • Plan and execute for increased retail revenue growth.
  • Embed the investment coin program to deliver profitable revenue growth.
  • Understand the profitability of all Mint programs and products.

Enhance the Mint’s identity as a National Institution.

As the sole manufacturer of Australian circulating coins, the custodian of the National Coin Collection, and cultural destination, the Mint is a National Institution. The key themes for this strategy include the following:

  • Enhance the Mint visitor experience, particularly in the gallery.
  • Share the National Coin Collection to showcase coins and educate Australians.
  • Build outreach partnerships.
  • Reinforce the Mint as an authority on Australian currency.
  • Enhance the Mint as a part of the national financial and STEAM literacy framework.

Establish the Mint as a custodian of value in future financial systems.

Financial systems are evolving as digital technologies present alternatives to financial systems based on currency underwritten by states. The evolution is an opportunity for the Mint to establish its role in the future financial system, where it can leverage off the core characteristics of value, stability and security that are resident in coins. The key themes for this strategy include the following:

  • Develop a deeper understanding of future financial systems
  • Be recognized as a key stakeholder and contributor to Treasury discussions and policy development on future financial systems
  • Explore technologies that may enhance future financial systems that align with the Mint’s purpose.

Foundations

The successful delivery of the outcomes and strategy by the Mint is based on a set of solid foundations that need to be maintained and improved as the environment changes.

Our Workforce and Culture.

Fundamental to the performance of the Mint is the quality of the Mint people. Aspects of the environment, such as a limited manufacturing base in the ACT, present significant challenges in managing the workforce, including recruitment. The following initiatives enhance this foundation:

  • Establishing and maintaining a strategic workforce plan, including integrating demand forecasting, recruitment, development, performance management and competence management.
  • Providing a safe workplace for our people.
  • Building a workplace culture based on respect and that values diversity.
  • Investing in learning, development, health and wellbeing.
  • Replacing the existing suite of human resource-related policies and procedures.
  • Effectively managing performance and celebrating success.
  • Ensuring compliance with the Mint Enterprise Agreement and commencing preparations for an alternative employment framework.
  • Building employees’ trust in Human Resources.

Our Systems.

The Mint operates an integrated management system across the key functions of safety, environment and quality. The Mint also operates a range of specialised internal systems, such as manufacturing, risk, security, IT and finance, that are required to integrate into broader Government frameworks. The following initiatives apply to the Mint’s systems:

The work of the Mint will be coordinated and integrated across the enterprise to ensure responsibilities and accountabilities are clear, effort is not duplicated, and activities are appropriately prioritised and resourced.

  • The Mint’s system of risk management will continue to be embedded and enhanced.
  • The Mint will continue to leverage internal audit, external audit, and independent reviews to ensure the appropriate levels of assurance.
  • Replacing HR systems (e-recruitment, HRMIS and people management software, payroll processing)

Our Organisation.

The Mint is organised around three operational Branches, four enabling Branches, and an Executive. The heads of each Branch, and the Executive, form the Senior Management Team. The following principles apply to the Mint’s organisation:

  • The organisation will be regularly reviewed to ensure it remains optimised.
  • Integrated teams comprising subject matter experts from across the Mint will be created to oversee and progress key projects and initiatives.
  • Strong and effective communication across Branches will be used to ensure alignment on priorities and to optimise interdependencies.

Our Data.

The Mint is operating in an increasingly digitalised world where the creation, collection, storage and use of data offers both opportunities and threats. The following principles apply to the Mint’s Data, and its use:

  • Ensuring the accuracy, security and availability of data to facilitate the Mint’s strategic objectives.
  • Accessing external data sources to assist in understanding and analysing the economic environment.
  • Leveraging the Mint’s data sources for innovation and continuous improvement activities.
  • Collecting and structuring data to assist in understanding and improving the Mint’s customer’s experiences.

Stakeholders and Partners.

The Mint works with a range of stakeholders and partners. While the Australian Government as the owner of the Mint, and the public as the customer of the Mint are key, the Mint also values the relationships with a range of other stakeholders and partners to deliver on Mint outcomes. The following initiatives apply to stakeholders and partners:

  • Optimising upstream supply through a program of vendor management.
  • Optimising downstream supply chains through programs such as the Coin Consultative Committee with the Banks, relationships with dealers, and other stakeholder engagement activities.
  • Engaging the global minting industry through the International Mint Directors Association and key international coin events and fora.
  • Cooperating and benchmarking with related agencies such as Note Printing Australia.
  • Meeting Environmental, Social and Governance obligations and stakeholder expectations.

Risk Management

The Mint has established a risk management framework, which codifies the Mint’s approach to risk management across the organisation. The system is designed to support managers 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 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.

As part of the Mint’s risk framework the Mint has established a set of Mint wide Enterprise risks:

Delivery

Enterprise Risk

Risk Statement

 How risk is managed
Relevance Failure to remain relevant to Government and the public. Enhancing the Mint’s reputation as a national institution, a cultural attraction and a creator of public value.

Engagement with industry, government and key stakeholders on the Australian payment system and the use of cash.

Maintenance of profitable operations to ensure continued contribution of financial dividends to Government.

Embedding a program of transformation across the organisation, including innovation, continuous improvement and research & development.

Maintaining systems that ensure legislative compliance.
Upstream Supply Chain Failure to secure the material to support the Mint’s processes. Active supplier engagement underpinned by contractual arrangements of key suppliers.

Ongoing monitoring of the supply chain environment with dynamic adjustment of supplier, stocking, ordering and delivery strategies.

Diversity of suppliers and redundancy within critical suppliers enabling substitute and alternate supply options.

Quality management system that aligns monitoring and assurance activities across the Mint
Delivery Failure to provide circulating, investment and collectible coins, and other minted products, to stakeholders in accordance with their expectations. Maintenance of an integrated system of management that ensure the timeliness and quality of Mint products.

Tested Business Continuity Plan with flexibility to timely review the demand forecasts ensuring delivery outcomes.

Monitoring and adjustment of delivery strategies.

Offsite packing, Post pack and distribution activity.

Ongoing monitoring, review and resourcing of the Operational Plans to meet agreed delivery outcomes.

Management of the upstream supply chain.
Safety Failure to provide a duty of care to employees, contractors, visitors and the community An accredited Safety Management System providing a system of safe work, and a safe working environment for staff, visitors and contractors to the Mint.

Risk Management Framework to provide methods of communicating and consulting about risk, the identification, assessment, and treatment of risk, and to provide assurance to Government about the management of risk.

Risk aware culture to continually communicate about risk and improve our response to risk, supported by top management to provide ongoing education and capability development.
Security Failure to prevent a malicious party causing the loss, damage, or unavailability of Mint assets. Security governance framework outlining requirements to manage, monitor and report on protective security.

Physical security systems providing security & control, measures to safeguard Government resources.

Information security systems that provide secure access to official resources while guarding against information compromise.

Personnel security systems which require screening and vetting of personnel and contractors to assess their eligibility and suitability to access official resources.
People Failure to plan for, attract, manage and retain people with the right skills and experience currently and into the future. A workforce plan that links workforce demand with supply.

Modern HR practises and professionalised HR staff.

An appropriate employment framework.

A performance management and a learning and development framework that support the development of Mint staff.

A program that supports staff members to focus on their health and wellbeing.

Leveraging shared services and external support.

Contact Details

Address

Royal Australian Mint
Denison Street
Deakin ACT 2600 AUSTRALIA

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

Email: info@ramint.gov.au
Web: www.ramint.gov.au
Phone
Domestic: (02) 6202 6999
International: +61 2 6202 6999