Corporate Plan

The Corporate Plan 2017-18 to 2020-21 is available in HTML and also as a PDF


Chief Executive 's Foreword

As the accountable authority representing the Royal Australian Mint (the Mint), I am pleased to present the Mint 2017-18 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 2017-21.

The Mint 2017-18 Corporate Plan complements the Strategic Plan which taken 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. The Mint has actively leveraged its existing assets to achieve further benefits for the government. The Return on Net Assets is therefore an enhanced measure of the Mint’s financial performance combining commercial earnings before interest and tax underpinned by seigniorage revenue.

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.

This 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 2017


The Mint, based in Canberra, operates under the Currency Act 1965 to produce the currency requirements of the nation Since 1965 an estimated 15 2 billion circulating coins have been produced The Mint also produces collector (numismatic) and commemorative coins for Australia and international markets, as well as circulating and numismatic coins on behalf of other nations.

The visitor gallery provides visitors to the Mint with an education on the history of the coinage system  for Australia and coin production and that, combined with the retail shop, ensures the experience is both enlightening and memorable.

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 Coin

Part of the national currency system of Australia that has real value and acts as a medium of exchange, and on which depict designs of national flora and fauna, culture, heritage and, on occasions, nationally significant historical and contemporary events

Numismatic coins

 Used as a medium that represents real and intrinsic value and on which depict designs that tell stories about Australia, its history, heritage, environment, wildlife, culture and achievements

Visitor Gallery

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

A range of associated assets, knowledge and services that is being utilised to ensure the optimisation of the Australian Government investment into 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 marketplace, economic and regulatory contexts are relevant to the achievement of the Mint’s purpose:

  1. The economic environment in which the Mint has operated over the last four years has been volatile and uncertain In recent years both the domestic and international economic conditions continue to be challenging Utilising the Treasury forecast for GDP and commodity prices the Mint is expecting  to operate in an environment of ongoing lower economic growth, volatile commodity prices and continuing worldwide uncertainty
  2. The Mint continues to benchmark our cost base against that of potential international competitors With the commercial business of numismatic, custom minting, international circulating coin supply and investor products we do compete both domestically and internationally against private mints and state-owned sovereign mints in what is becoming a congested market
  3. The core business of the supply of circulating coin is under threat from alternative forms of disruptive technology such as contactless payment like ‘payWave’ or ‘PayPass’, digital currency and other forms of transaction  capability
  4. The Mint is in a sound financial position which provides a good base from which to grow and invest
  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 Australian Government and the associated brand are highly regarded by the market as significant strengths
  7. An investment in innovation, creativity and the leverage of capability is essential


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 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 annually over the life of the corporate plan and will be reviewed annually The performance measurement framework is based on measuring what we did (delivery), how well we did it (quality and efficiency) and what the benefits were (impact) The Mint

Portfolio Budget Statements (PBS) set targets to measure our progress against our performance measures

The PBS notes that the Mint has one outcome: The coinage needs of the Australian economy, collectors and foreign countries are met through the manufacture and sale of circulating coins, collector coins and other minted like products

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

Program 1.1 — Royal Australian Mint

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 to public and school groups:
    • Maintenance of the Mint’s visitor gallery, including building and surrounds;
    • Educational program to school students who visit the Mint; and
    • Promote public understanding about the cultural and historical significance of coins

Performance Measure     


18-19 19-20  20-21

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


$545m $53m  $50m $48m

Optimum return on investment       

Return on net assets                                    

50%     50%     50%     50%

Numismatic orders placed are produced and delivered within agreed delivery time

Delivered in full and on time                                  

90% 90% 90% 90%

Rotate the display of Australia’s National Coin Collection on a regular basis

Annual rotation                                                    

100% 100% 100% 100%

Visitor satisfaction rating of Mint experience

Survey result            

95% 95% 95% 95%

Increase in visitor numbers compared to prior year

Visitor numbers 

330,000  340,000 350,000  360,000

Business-wide adoption of LEAN/Continuous Improvement

Annual reduction in rejects and rework

5% 5% 5% 5%

Provide a safe, secure and sustainable operational environment



100% 100% 100%

Retain certification                                            


Yes Yes Yes

Major injuries                                                        


Nil Nil Nil

Security breaches                                               


Nil Nil Nil



Nil Nil Nil

Build on brand awareness

Net promoter score                                                

60% 60% 60% 60%

Have engaged, motivated and committed staff

Staff survey satisfaction                                      


85% 85% 85%

Unplanned absences                                               


9% 9% 9%

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


The Mint is committed to undertaking its role 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 Oversight & Management

  • The Mint 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 31000:2009 and Comcover’s Better Practice Guide for Risk Management (June 2008) as well as the Commonwealth Government Risk Management Policy (Commonwealth Policy) which was released on 1 July 2014 as an element of the Public Management Reform Agenda
  • 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 lieu 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 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 risks and their mitigation strategies:




Mitigation strategies

Diminishing demand for coinsdue to emerging technologies



  • Propose a coin reform program
  • Promote the security and cost benefits of
  • using tangible currency
  • Continue to encourage coin demand
  • through innovative product options
  • Continue to grow the commercial business

Failure to fully comply with Mint-critical accreditations- safety



  • Timely audits and actions arising from audit
  • results are completed
  • Continuous education and commitment
  • to agreed business processes and timely
  • reporting

Failure to fully comply with Mint-critical  accreditations - quality



  • Timely external audits and actions arising
  • from audit results are completed
  • Continuous education and commitment
  • to agreed business processes and timely
  • reporting

System failure



  • Optimise and maintain systems
  • Implement business continuity plan (BCP)

Severe economic downturn



  • Maintain flexible staffing arrangements
  • Diversify into counter cyclical product

Fraud and/or security breach

Medium Low
  • Medium Maintain a continuous awareness
  • campaign with all staff
  • Ensure all processes are reviewed, tested,
  • approved and audited
  • Encourage immediate reporting
  • Have a communications plan ready to go

Failure of key materials supplier to meet our requirements



• Have in place alternative suppliers.
• Have sufficient risk management
inventory available.

Negative market reaction to a program High Medium • Test/research the market and if in doubt test
stakeholder reaction.

Contact Details


Royal Australian Mint 60 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

Email: info@ramint gov au

Web: www ramint gov au

Phone: (02) 6202 6900

International: +61 2 6202 6900