Explanatory Statement
Currency Act 1965
Currency Legislation (Royal Australian Mint) Amendment Determination 2013 (No. 1)
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 maximum diameter and the maximum thickness for Item 34 of Schedule 1, Part 1 were incorrect in the text of the determination.
- These oversights have been corrected by Section 3 and Schedule 1 of Currency Legislation (Royal Australian Mint) Amendment Determination 2013 (No. 1).
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 2013 (No. 1) 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 2013 (No. 1) is a legislative instrument introduced to correct an oversight in the Currency (Royal Australian Mint) Determination 2012 (No. 3). The Currency Act 1965, enacted in 1965, provides the framework for the production and specifications of Australian currency. This amendment was necessary to rectify errors in the maximum diameter and thickness specifications for a particular coin, ensuring that the specifications provided align with the requirements set out in the Currency Act. The determination was made by the Parliamentary Secretary to the Treasurer, Bernie Ripoll, under subsection 13A(1) of the Currency Act, which mandates that the specifications for coins issued by the Royal Australian Mint must be detailed. The policy objective of this amendment is to ensure the accuracy and integrity of the coin specifications, enabling the Royal Australian Mint to continue the production of both circulating and numismatic coins effectively.
Scope and Application
The Currency Legislation (Royal Australian Mint) Amendment Determination 2013 (No. 1) applies to the Royal Australian Mint and its operations, specifically in relation to the production of circulating and numismatic coins. The determination rectifies administrative errors made in the Currency (Royal Australian Mint) Determination 2012 (No. 3) concerning the maximum diameter and thickness of a particular coin. This instrument amends the previous determination to ensure the accuracy of the specifications for coin production. The amendment is applicable nationally as it pertains to the federal legislation under the Currency Act 1965. The determination does not extend to affect the rights of individuals or impose liabilities on persons in respect of past actions, as confirmed by the Legislative Instruments Act 2003. The Royal Australian Mint, as the entity responsible for coin production, is the primary focus of this legislation.
Key Provisions
The Currency Legislation (Royal Australian Mint) Amendment Determination 2013 (No. 1) amends the Currency (Royal Australian Mint) Determination 2012 (No. 3) by correcting the maximum diameter and thickness for Item 34 of Schedule 1, Part 1. This amendment is detailed in Section 3 and Schedule 1 of the amendment determination. The determination specifies the characteristics of coins, including their composition, weight, allowable variations, design, and dimensions, as required by subsection 13A(1) of the Currency Act 1965.
Under this amendment, the Royal Australian Mint is obligated to adhere to the corrected specifications for the coins detailed in the amended determination. This includes ensuring that the coins meet the prescribed weight, diameter, thickness, design, and dimensions as outlined. The Mint must ensure that these specifications are followed in the production of both circulating and numismatic coins.
Breach of the requirements set forth in the amended determination may not directly result in specified offences or penalties within the amendment itself. However, failure to comply with the Currency Act 1965 or related determinations can lead to broader legal consequences. Penalties for non-compliance with the Currency Act 1965 can include fines and imprisonment as stipulated in other sections of the Act. The specific penalties would depend on the nature and severity of the breach, and any subsequent legal action taken under the Currency Act. The determination is a disallowable instrument, meaning it can be subject to disallowance by resolution of either House of the Parliament under section 42 of the Legislative Instruments Act 2003.