ROYAL AUSTRALIAN MINT
Section 1: Agency overview and resources
1.1 Strategic direction
The Royal Australian Mint (the Mint) is a prescribed agency under the Financial Management and Accountability Act 1997 with responsibility for producing circulating and numismatic coin for Australia. The Mint contributes to the stability of the national economy by providing quality circulating coin that meets the needs of the government and the people of Australia. In addition, the Mint produces a number of Australian medals and awards, as well as tokens, medallions and jewellery items for domestic and overseas customers; maintains the National Coin Collection; and is a major Australian tourist attraction.
Responding effectively to changes in government policy, client needs, and technology, is critical to the Mint's success. Managing the future workload of the Mint and best utilising its resources will be a key to the success of the Mint over the coming years.
The Mint will continue to remain focused strategically in order to manage the following significant challenges to meet its goals:
- structural change and reorganisation of its workforce to improve the efficiency, quality, security and sustainability of outputs;
- an ageing workforce and issues surrounding succession planning and knowledge transfer;
- competition for skills in a labour market that is limited in supply;
- changing or uncertain demand factors;
- increased competition from alternative suppliers of numismatic coins; and
- rapidly changing technology.
To better reflect the diversity of functions undertaken, the Mint has updated its outcome and outputs for the 2008‑09 and future financial years. Whilst continuing to have a single outcome, the Mint's outcome has been expanded to 'Manufacture and sale of circulating coins to meet the needs of the Australian economy, and collector coins and other minted products for Australia and foreign countries'. In addition, the prior year single output has been expanded to four distinct outputs, namely:
- output 1.1.1 — Manufacture and sale of circulating coins for Australia and provision of associated policy and technical advice;
- output 1.1.2 — Manufacture and sale of circulating coins for foreign countries;
- output 1.1.3 — Production and sale of collector coins and other minted and like products for Australian and other clients; and
- output 1.1.4 — Provide gallery and visitor services.
As it undertakes a major building refurbishment (expected to be completed by early 2009), the Mint will need to demonstrate responsiveness and agility to move with a changing and challenging environment.
Whilst maintaining efficient production and delivery of circulating and collector coins, transforming the Mint's operating, production and management information systems constitutes the major challenge facing the Mint in 2008‑09.
1.2 Agency resource statement
Table 1.1 shows the total resources from all origins. The table summarises how resources will be applied to the Mint.
Table 1.1: Royal Australian Mint resource statement — Budget
estimates for 2008‑09 as at Budget May 2008
1. Appropriation Bill (No.2) 2008‑09.
2. Estimated opening balance for special accounts. For further detail on special accounts see Table 3.1.3.
1.3 Budget measures
Table 1.2: Royal Australian Mint 2008‑09 Budget measures
The Mint does not have any Budget measures for 2008‑09.
If www.budget.gov.au responds slowly or you are having trouble downloading a document, try one of the Budget Website Mirrors
Note: Where possible, Budget documents are available in HTML and for downloading in Portable Document Format(PDF). If you require further information on any of the tables or charts on this website, please contact Treasury.
