Corporate Plan 2023-24 to 2026-27

Introduction

As the Chief Executive Officer (CEO) and as the Accountable Authority of the Royal Australian Mint (the Mint), I present the Mint’s 2023-24 to 2026-27 Corporate Plan (the Plan). The Plan is a requirement of section 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 financial years 2023-24 to 2026-27 and sets key performance indicators against which the performance of the Mint will be assessed.

As Australia’s national mint and the sole producer of circulating coins for Australia, the Mint is a national institution. The Mint creates public value through a range of coining and minting-related activities. It also has a role in telling stories of Australia by recognising significant anniversaries, events, organisations and cultural perspectives 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 collector coins, investor products, medals, medallions and tokens for Australian 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 historic Commonwealth Heritage site.

The Mint is a major tourism attraction in Canberra and we help educate local and international visitors on Australian coin history, as well as how coins are produced.

The Mint’s 2023-24 to 2026-27 Corporate Plan recognises that we operate in an environment of continuing global and technological change. Anticipating and responding to change, managing risks, building and sustaining productive relationships with stakeholders and customers, optimising the use of our assets including our 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
31 August 2023 

ENVIRONMENT AND RISK

Corporate Structure

The Mint is a Non-Corporate Commonwealth Entity within the Treasury Portfolio and a listed entity under the PGPA Act. The Mint is covered by the Public Service Act 1999 and operates in accordance with the Currency Act 1965.

The Mint does not receive an appropriation from the Parliament of Australia, but instead is self-funded through the sale of coins, and operates a special account under the authority of section 78(1) of the PGPA Act. Under the funding arrangement the Mint returns any surplus to the Consolidated Revenue Fund.

The Mint is administered having regard to a charter with the Treasury, a supporting memorandum of understanding and governance instruments. The Mint is led by a CEO who is responsible for the day-to-day management and performance of the Mint. The CEO of the Mint has also appointed external members to an Advisory Board and an Audit and Risk Committee to assist the CEO discharge their responsibilities.

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 continues to grow 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 Australian Government and a good base from which to sustainably improve 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 of Australia and the Mint brand are regarded by the international market as strengths.
  • The Mint is growing in its role as a national institution, and competes with other Canberra based institutions that are investing in their public offering.
  • Key inputs for the Mint supply chain, such as metal blanks, are sourced overseas and subject to geopolitical and environmental impacts.
  • The Mint building was constructed in the 1960s and requires continual maintenance to meet relevant standards in areas such as security and safety, resulting in some limitations to the layout and the workflow of the Mint.
  • With manufacturing capabilities that are comparatively rare in Canberra, the Mint has to plan for the recruitment of its workforce.
  • Society is increasingly expecting institutions to place an importance on meeting environmental, social and governance obligations, whilst delivering public benefit.
Risk
  • The Mint has established a risk management framework which codifies the Mint’s approach to risk management across the agency. The system is designed to support managers anticipate uncertain events, 3 benefit from opportunities and respond appropriately to potential vulnerabilities.
  • 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 risk framework is being updated to reflect the Commonwealth Risk Management Policy 2023. The framework is also informed by the Australian/New Zealand Standard (AS/NZS) ISO 31000:2018 and the Department of Finance resource management guide Implementing the Commonwealth Risk Management Policy (RMG 211).
  • The Mint has established and continues to monitor the following enterprise risks as part of our risk activities. These include:  

Enterprise Risk

Risk Statement

How risk is managed

Relevance

Failure to remain relevant for 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 on the Australian payment system and the use of cash.

 

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

 

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

 

Maintaining systems that support legal and policy 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 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 ensures 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

A safety management system providing a system of safe work, and a safe working environment for employees, 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 Australian Government about the management of risk.

 

Risk aware culture to communicate about risk and improve our response to risk, supported by 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 and 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 employees 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 practices.

 

An appropriate employment framework.

 

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

STRATEGIC DIRECTION

The Mint is committed to evaluating and adapting to the evolving environment, and to the needs of the public as our customers, and the Australian Government. The aspirations of the Mint are captured in our vision.

Our Vision – flexibly adapting to a changing world

The Mint, with a commitment to quality and sustainability, will be an industry leader in creating public value in an environment of evolution and change.

Our Strategies

In addition to the performance obligations for the next four (4) years, the Mint has also committed to the following four strategies to support delivery of our vision.

Optimise return on the Mint’s core business. The Mint’s core business 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.
  • Understanding and improving capacity and throughput to allow the Mint to meet the increasing demand for collectible 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 that add value and align with the Mint’s authorities and approvals.

Sustainably grow the investment and collectible business. The sustainable growth in the investment and collectible business ensures the continued financial viability of the Mint and leverages off the Mint’s core business strengths. This growth must support the long-term viability of the Mint as an institution and the value created for the public. 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 opportunities.
  • Plan and execute for growth in retail profit.
  • Embed the investment coin program to deliver sustainable growth in profit growth.
  • Optimise the profitability of the Mint’s collectable and investment 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 coin currency.
  • Enhance the Mint as a part of the national financial and the Science, Technology, Engineering, the Arts and Math (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. 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 recognised as a key stakeholder and contributor to The Treasury discussions and policy development on future financial systems.
  • Play a role in educating people about the important role that the Mint plays within the Australian financial system.
  • Explore technologies that may enhance future financial systems that align with the Mint’s purpose.
Our 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 including culture. Fundamental to the performance of the Mint is the quality of the Mint’s employees. Aspects of the environment, such as a limited manufacturing base in the Canberra region present challenges in managing the workforce. The following initiatives enhance this foundation:

  • Delivering on the Mint workforce plan, including integrating demand forecasting, recruitment, development, performance management and competence management.
  • Providing a safe workplace for our people.
  • Maintaining a workplace culture based on respect and that values diversity.
  • Investing in learning, development, and health and safety.
  • Effectively managing performance and celebrating success.
  • Developing a new employment framework in line with the Australian Government’s policy.

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, eCommerce and finance that are required to integrate into broader Australian 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.
  • Key Mint tools, such as the enterprise resource management system, will be guided by multi-function steering groups to ensure that operational, compliance and support requirements will be optimised and trade–offs appropriately managed.
  • The Mint’s system of risk management will be updated to align with the Commonwealth Risk Management Policy 2023, and a digital risk management tool will be introduced.

Our organisation. The Mint is organised around operational branches, 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:

  • 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.
  • 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 is the owner of the Mint, and the public are customers, the Mint also values 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.

PURPOSE, PRIORITIES AND PERFORMANCE

Our Purpose – Coins for Australia and the World

The Mint creates public value by serving 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, national 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

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 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 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 Australian 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 Australian Government and meet the needs of our customers.
  • The Mint will continually strive to improve efficiency.
Performance

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

Performance Criteria

Key Performance Indicator (KPI)

2023-24

2024-25

2025-26 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: 128mpcs

 

Seigniorage: $14.1m

Volume: 122mpcs

 

Seigniorage: $12.7m

Volume: 122mpcs

 

Seigniorage: $12.7m

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: 95%

Survey result: 95%

Survey result: 95%

Visitor numbers

Number of visitors recorded

Visitors: 240,000

Visitors: 350,000

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 employees

Participation in the APS Employee Census

80%`

80%

80%

 
Performance measures

The execution of the 2023-24 to 2026-27 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 the Australian 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. In each of these measures the Mint aims to appropriately understand both numbers, and satisfaction of the visitors with the service.

A 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 for the Mint.

Another key aspect of the Mint’s performance is having engaged, motivated and committed employees. An improved uptake of the APS Employee Census will allow the Mint to use the results to assess employees’ attitudes through the use of a combination of targeted measures.

COMPLIANCE

The Mint recognises that efficient and effective compliance with legislative, legal and other requirements is a benefit to the organisation by ensuring that risks are managed, performance is enhanced, and activities are lawful. A key goal of the compliance effort at the Mint is to ensure that the Mint acts lawfully to meet environmental, social and governance obligations and stakeholder expectations.

The Mint uses relevant standards as an element of its approach to compliance. The standards cover a range of areas, including security, safety, environment, quality, and accounting. In some areas the Mint establishes and maintains certifications against these standards.

The Mint also undertakes a structured approach to audit that leverages off both internal and external audit programs to give the Mint confidence that it is meeting its compliance requirements, as well as giving external stakeholders confidence in the Mint’s performance. 

A key area of focus across the Plan is the range of initiatives that are being deployed in support of APS Net Zero 2030. APS Net Zero 2030 is the Government’s policy for the APS)to reduce its greenhouse gas emissions to net zero by 2030, and transparently report on its emissions from the latter half of 2023. The policy will be updated over time, informed by APS emissions data and annual reporting.

The Mint also maintains a framework of delegations that ensures that the authorities that have been assigned to the Mint are appropriately discharged. The Mint will continue to leverage internal audit, external audit, and independent reviews to ensure the appropriate levels of assurance. The Advisory Board and the Audit and Risk Committee will assist the Accountable Authority by providing oversight of elements of the Mint’s compliance framework.

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 6900
International +61 2 6202 6900