Explanatory Statement
Currency Act 1965
Currency Legislation (Royal Australian Mint) Amendment Determination 2012 (No. 2)
Under subsection 13A(1) of the Currency Act 1965, the Parliamentary Secretary to the Treasurer, Bernie Ripoll, made a determination in June 2012 regarding the specifications of coins proposed to be issued by the Royal Australian Mint. The determination is the Currency (Royal Australian Mint) Determination 2012 (No. 3).
Subsection 13A (1) of the Currency Act 1965 requires that the determination provides details of the coins’ characteristics, including standard composition, standard weight, allowable variation from standard weight, design and dimensions.
This amendment determination is a disallowable instrument for the purposes of section 42 of the Legislative Instruments Act 2003.
Amendment of Currency (Royal Australian Mint) Determination 2012 (No. 3)
- Due to an administrative oversight during the preparation of Currency (Royal Australian Mint) Determination 2012 (No. 3), the standard weight and allowable variation, the maximum diameter and the maximum thickness for Items 8 and 15 of Schedule 1, Part 1 were incorrect in the text of the determination. The allowable variation from the standard weight and the maximum thickness for Item 25 of Schedule 1, Part 1 was also incorrect in the text of the determination.
- Due to technical complications during manufacturing, the Royal Australian Mint also redesigned the representation of ice and water in the reverse design of Item 44 of Schedule 1, Part 2 in Currency (Royal Australian Mint) Determination 2012 (No. 3).
- These oversights and design changes have been corrected by Section 3 and Schedule 1 of Currency Legislation (Royal Australian Mint) Amendment Determination 2012 (No. 2).
Commencement
Sections 1 to 3 and Schedule 1 is taken to have commenced on 5 July 2012.
The proposed amendments do not contravene subsection 12 (2) of the Legislative Instruments Act 2003 by having either of the following effects:
(a) affecting the rights of a person (other than the Commonwealth or an authority of the Commonwealth) as at the date of registration so as to disadvantage that person; or
(b) imposing liabilities on a person (other than the Commonwealth or an authority of the Commonwealth) in respect of anything done or omitted to be done before the date of registration.
Consultation
No public consultation was undertaken in relation to the currency determination. The effect of this instrument is to determine the weight, design and dimension of coins to enable the Royal Australian Mint to continue its production of circulating and numismatic coins. The Mint receives public submissions on coin designs and determines appropriate designs in accordance with its Coin Design Policy. The Mint used market based tools to identify interested parties and gauge interest in coin themes.
Statement of Compatibility with Human Rights
This instrument is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011. The purpose of the Currency Legislation (Royal Australian Mint) Amendment Determination 2012 (No. 2) is to determine the weight, design and dimension of circulating and numismatic coins. This instrument does not engage any of the applicable rights or freedoms. This instrument is compatible with human rights as it does not raise any human rights issues. This determination has been made by the Parliamentary Secretary to the Treasurer, Bernie Ripoll, in accordance with subsection 13A (1) of the Currency Act 1965.
Overview
The Currency Legislation (Royal Australian Mint) Amendment Determination 2012 (No. 2) was enacted in June 2012 by the Parliamentary Secretary to the Treasurer, Bernie Ripoll, under subsection 13A(1) of the Currency Act 1965. This amendment was introduced to correct errors and incorporate design changes in the Currency (Royal Australian Mint) Determination 2012 (No. 3), which specified the characteristics of coins to be issued by the Royal Australian Mint. The errors included incorrect standard weight, allowable variation, maximum diameter, maximum thickness, and design details for certain coins. The policy objective of the amendment was to ensure the accuracy of coin specifications and to facilitate the Mint's production of circulating and numismatic coins. The amendment does not affect any rights or impose liabilities on individuals, and it is compatible with human rights as recognised in international instruments.
Scope and Application
The Currency Legislation (Royal Australian Mint) Amendment Determination 2012 (No. 2) amends the Currency (Royal Australian Mint) Determination 2012 (No. 3) to correct administrative and manufacturing errors identified in the original determination. This instrument applies to the Royal Australian Mint, which is responsible for the production of circulating and numismatic coins in Australia. The amendment ensures that the specifications for the coins, such as weight, design, and dimensions, align with the requirements of the Currency Act 1965 and address technical issues encountered during production. The amendment was made under the authority granted by subsection 13A(1) of the Currency Act 1965 and came into effect on 5 July 2012. This amendment ensures that the coins meet the standards set out in the original determination without affecting the rights or imposing liabilities on any person other than the Commonwealth or an authority of the Commonwealth.
Key Provisions
The Currency Legislation (Royal Australian Mint) Amendment Determination 2012 (No. 2) amends the Currency (Royal Australian Mint) Determination 2012 (No. 3) by correcting errors in the specifications of certain coins and redesigning the reverse of a specific coin. Under section 1 of the Amendment Determination, the standard weight and allowable variation, maximum diameter and thickness for Items 8 and 15 of Schedule 1, Part 1 of the 2012 Determination were incorrect due to an administrative oversight. Section 3 of the Amendment Determination corrects these errors. Similarly, the allowable variation from the standard weight and the maximum thickness for Item 25 of Schedule 1, Part 1 of the 2012 Determination were also incorrect, and section 3 of the Amendment Determination corrects these errors. The reverse design of Item 44 of Schedule 1, Part 2 of the 2012 Determination was also redesigned due to technical complications in manufacturing, and section 3 and Schedule 1 of the Amendment Determination correct this issue.
The Amendment Determination imposes certain obligations on the Royal Australian Mint, including the responsibility to ensure that the coins produced comply with the specifications outlined in the determinations. The Mint must produce coins that meet the standard composition, weight, dimensions and design as specified in the Currency (Royal Australian Mint) Determination 2012 (No. 3) and the Currency Legislation (Royal Australian Mint) Amendment Determination 2012 (No. 2). The Mint must also ensure that the coins produced do not exceed the allowable variations from standard weight and dimensions as specified in the determinations. Additionally, the Mint must ensure that the coins produced are compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.
Failure to comply with the specifications outlined in the determinations may result in the production of coins that are not of the required standard. This may have legal or financial consequences for the Mint, including potential liability for any loss or damage caused by the production of non-compliant coins. The Amendment Determination does not impose any specific penalties for breach of its provisions, but any breach of the Currency Act 1965 or any other relevant legislation may result in criminal or civil penalties. For example, under section 16 of the Currency Act, a person who is found guilty of producing or possessing counterfeit currency may be liable to a fine of up to $100,000 or imprisonment for up to 10 years, or both. Similarly, under section 17 of the Act, a person who is found guilty of using counterfeit currency may be liable to a fine of up to $50,000 or imprisonment for up to 5 years, or both.