Corporate Plan

The Corporate Plan 2020 -21 to 2023-24 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 an update to the Mint’s 2020-21 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 2020-24 and sets key performance indicators against which the performance of the Mint can be assessed. The update reflects the revised performance targets established as part of the development of the Mint’s 2020-21 Portfolio Budget Submission. No other elements of the 2020-21 Corporate Plan have been changed as part of this update.

A key performance indicator for the Mint is the Return on Net Assets. 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. As well as seigniorage, the Mint has worked to deliver growth in earnings in 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.

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.

Leigh Gordon AO, CSM  
Chief Executive Officer

April 2021


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 manufacture 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

Part of the national currency system of Australia. These coins represent a real value and act 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

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 Programs

Collectible or investment coin programs designed to celebrate and commemorate important aspects of Australian history and society. These products are sold to official Mint distributors worldwide, to corporate partners or direct to domestic customers on commercial terms.

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.

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.

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.

7. The global impacts of COVID-19 and how this will affect the Mint going forward is of significant relevance when considering how best to deliver against planned programs. An ability to respond to a rapidly changing environment has the potential to provide access to new opportunities and challenges both international and domestic.


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 Portfolio Budget Statements (PBS) details 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 to public and school groups:

 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: 30%

RONA: 30%

RONA: 30%

RONA: 30%

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




(COVID-19 Impacted)







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: 80%

Staff survey result: 80%

Staff survey result: 80%

Staff survey result: 80%

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

* Almost all performance indicators are expected to be impacted by COVID-19 either positively or negatively in the coming period(s). The extent of the impact will be reflected in the performance results as measured in the Annual Performance Statements.


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 coins due 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 implementing 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 the Pacific market.

Coin review (size) and alternate coinage alloy.

Continue to design and release coloured circulated coins.

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 utilising appropriately themed licensed products.

Form strategic partnerships, including sporting organisations and charities.

Pursue new distribution partners to enable connection to new markets.

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.

Actively manage supplier relationships and maintenance of appropriate records.

Negative market reaction to a program

Research the market and if in doubt, test stakeholder reaction.

Learn from post implementation reviews.

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 planning.

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