Corporate Plan

The Corporate Plan 2021 to 2024-2025 is available in HTML and also as a PDF

Introduction

Chief Executive 's Foreword

As the Chief Executive Officer (CEO) of the Royal Australian Mint (the accountable authority), I present the Mint’s 2021-22 to 2024-25 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 2021-22 to 2024-25 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 with the first tasks to produce distinctively Australian coinage and facilitate a smooth changeover from British imperial pounds, shillings and pence to Australia’s own decimal dollars and cents. Both tasks were successfully accomplished, and Australia’s decimal coins were introduced in 1966.
Today, the Mint also produces circulating coins for other countries, and manufactures a vast 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 uniquely 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 2021-22 to 2024-25 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

August 2021

Corporate Structure
The Mint is a listed entity under the Public Governance, Performance and Accountability Act 2013. The Mint is covered by the Public Service Act 1999 and is Category E body within the Treasury portfolio. The Mint also operates under the Currency Act 1965.
The Mint does not receive an appropriation from Government, but instead is self-funded through the sale of coins, and operates a special account under the authority of the Financial Management and Accountability Act 1997 (Royal Australian Mint Special Account) Determination 2013/04. Under the funding arrangements the Mint returns a surplus to 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 Committee to assist in the discharge of the CEO’s responsibilities

Purpose and Values

Our purpose

The Mint serves the coinage needs of the Australian economy, collectors and foreign countries. These needs are met through the manufacture and sale of coins and other minted products, the maintenance of the National Coin Collection, and the interaction with the public through the operation of the Mint gallery, 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.

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 - Royal Australian Mint: To produce and distribute circulating coins and minted products to meet the demands of the Australian economy, collectors and foreign countries.

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.

Environment

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:
• The demand for 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
• The demand for investment and collectible coins is growing as the Mint identifies new opportunities and the public continues to value Mint products
• The economic environment continues to be 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, changing commodity prices and continuing worldwide uncertainty in this declining industry
• 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
• 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 continues to focus on reducing its cost base to ensure that our products represent value in the eye of the customers and that the Mint can continue growing these business lines
• 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
• COVID-19 will impact Mint programs. For example the demand for circulating coins in 2020-21 was significantly higher than expected. An ability to respond to a rapidly changing environment, such as an increased demand for circulating coins, has the potential to provide access to new opportunities and challenges both internationally and domestically
• The Mint is growing in its role as a National Institution, but is has to compete with other Canberra based institutions that are investing in gallery developments. Prior to COVID visitor numbers were growing, and experience in 2021, prior to the COVID lockdown in the ACT, indicated continued strong visitor participation.

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 Perfomance Idicator (kpi)*

2021-22

2022-23

2023-24

2024-25

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

   

      

Seigniorage return to Commonwealth

 

Volume pieces
sold

 

 

Seigniorage

$41m

Volume:

159mps

 

 

 

Seigniorage

$36m

Volume:

143mpcs

 

 

 

 

Seigniorage

$33m

Volume:

136mpcs

 

 

 

 

Seigniorage

$30m

Volume:

129mpcs

 

 

 

Optimum return on investment       

   

                               

Return on net assets

RONA: 30%

RONA: 30%

RONA: 30%

RONA: 30%

Collectibles 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%

Visitor numbers 

   

 

Number of visitors recorded

 

Visitors:

164,500

(COVID-19 Impacted)

Visitors:

385,000 

Visitors:

440,000

Visitors:

485,000

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:
Nil

Major injuries:
Nil

Major injuries:
Nil

 

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)

70%

70%

70%

70%

Have engaged, motivated and committed staff

   

 

Staff satisfaction survey results

Staff survey result: 80%

Staff survey result: 80%

Staff survey result: 80%

Staff survey result: 80%

*Almost all performance indicators are expected to be impacted by COVID-19 - some positively. The impact will be reflected in the performance results in the Annual Performance Statements.

Developments in Performance Measures

The execution of the 2021-22 to 2024-25 corporate plan is an opportunity for the Mint to review the current performance measures and consider expanding in some areas to better align with program outcomes.
The Mint recognizes that producing and delivering Australian circulating coins in a cost effective and timely manner is an important element of the output. The Mint intends to continue with the two measures currently in place:

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

The Mint also intends to include an additional measure that records the Mint’s performance at dispatching circulating coins within the required timeframes.
The Mint also recognises that the optimum return on investment is a parameter of importance, and will continue with the Return on Net Assets (RONA) measure currently in place. However, the Mint also believes that a measure of the actual financial return to Government is also a useful measure to put RONA into context. Therefore the Mint will develop a measure that appropriately represents the return to Government.
The Mint currently reports on collectible coin orders being produced and dispatched within agreed timeframes through the use of the DIFOT (Delivered In Full and On Time) measure. As outlined above, the Mint intends to expand this measure to include Australian circulating coins. The Mint will also expand the measure to include foreign circulating coins and investment coins to an allow enterprise wide assessment can be made on the Mint’s delivery performance.
In accessing the performance as a tourist and educational venue, the Mint currently monitors visitor numbers, and visitor satisfaction – both of which are impacted by COVID. The Mint intends to expand the performance framework to recognise that the public can visit the Mint virtually, through the Mint internet presence, through the eShop, or through social media. In each of these avenues the Mint will develop the ability 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 sustainableoperational environment. The current measures being: retention of certification, number of major injuries, and number of security breaches are assessed as being very binary and not necessarily supporting improvement. While certifications, injuries and security breaches will remain part of the internal Mint framework, the Mint intends to develop measures that reflect the maturity of the security and safety system, and forecast the targets for improvement. An example may include the Comcare Risk Management Benchmarking Program.
The current performance framework identifies Brand Awareness as a performance criteria and net promoter score as the measure. There are more appropriate Brand Awareness measures which the Mint will develop as part of the evolution of the performance framework. Net promoter score is a more appropriate measure for Customer Satisfaction and Loyalty which is still 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. In previous years the Mint has been conducting an in house staff survey to assess staff satisfaction. An improved take up of the APS Employment Census will allow the Mint to use this instrument to assess staff attitudes. The initial two measures to be used from the survey will be:

  • Mint staff participation in the APS Employee Census, an
  • the Census result for Employee Engagement.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.

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 government as our owners. The aspirations of the Mint are captured in the Vision.
Our Vision
The Mint, with a commitment to excellence and sustainability, will be an industry leader in delivering sustainable business that represents value to our stakeholders.
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:

  • 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
  • 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 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 opportunities 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 our 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. It is recognized that some aspects of the environment, such as a limited manufacturing base in the ACT, present significant challenges in managing the workforce, including recruitment. The following principles enhance this foundation:

  • Establish and maintain a strategic workforce plan, including integrating demand forecasting, recruitment, development, performance management and competence management
  • Providing a safe workplace for our people
  • Providing an inclusive workplace and values diversity
  • Investing in learning, development, health and wellbeing
  • In partnership with the Mint staff, define the culture
  • Being alert to, and addressing unacceptable behaviour
  • Effectively manage performance and celebrate success.

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 principles 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 resourced
  • The Mint’s system of risk 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.

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:

  • We will review the organisation at least annually to ensure it remains optimised
  • We will assemble integrated teams comprising subject matter experts from across the Mint to progress key projects and initiatives
  • We will use strong and effective communication across Branches 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:

  • We will ensure the accuracy, security and availability of data to facilitate the Mint’s strategic objectives
  • We will access external data sources to assist in understanding and analysing the economic environment
  • We will leverage the Mint’s data sources for innovation and continuous improvement activities
  • We will collect and structure 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 the Mint outcomes. The following principles apply to stakeholders and partners:

  • Upstream supply chains will be optimized through a program of vendor management
  • Downstream supply chains will be optimised through programs such as the Coin Consultative Committee with the Banks, relationships with dealers, and other stakeholder engagement activities
  • The minting industry is engaged through the Mint Directors Conference and key international coin events and forums
  • The Mint recognises that stakeholders are increasingly placing an expectation that the Mint will meet corporate social responsibilities.

Risk Management

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

Enterprise Risk

Risk Statement

How risk is managed

Relevance

The Mint needs to ensure it delivers value to Government and key stakeholders.

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 in relation to the Australian payment system. Maintenance of profitable operations to ensure continued contribution of significant financial dividends back to government. Embedding a program of transformation across the organization, including innovation, continuous improvement and research & development.

Supply Chain

The Mint needs to ensure that the upstream supply chain is managed to ensure that it can deliver on outcomes.

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.

Delivery

The Mint needs to ensure the downstream supply chain is managed to ensure that circulating, investment and collectible coins, and other minted products, are delivered to stakeholder 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 distribute activity. Ongoing monitoring, review and resourcing of the Operational Plans to meet agreed delivery outcomes. Management of the upstream supply chain.

Safety

The Mint must provide a safe system of operation that protects Mint staff and the public

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 the 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

The Mint must ensure a secure system of operation to protect both material and information/data.

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

The Mint must ensure that it attracts and retains staff with the right skills and experience.

workforce plan that links workforce demand with supply.
A performance management and a learning and development framework that support the development of Mint staff.
A program that supports staff members health and wellbeing focus.

Contact Details

Address

Royal Australian Mint

Denison St

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 6900

International: +61 2 6202 6900