EXPLANATORY STATEMENT
Currency Act 1965
Currency (Perth Mint) Amendment Determination 2009 (No. 1)
Under subsection 13A(1) of the Currency Act 1965, the then Minister for Superannuation and Corporate Law made a determination in April 2008 regarding the specifications of numismatic coins proposed to be issued by the Perth Mint. The determination is the Currency (Perth Mint) Determination 2008 (No. 1).
Also under subsection 13A(1) of the Currency Act 1965, the then Minister for Superannuation and Corporate Law made a determination in May 2009 regarding the specifications of numismatic coins proposed to be issued by the Perth Mint. The determination is the Currency (Perth Mint) Determination 2009 (No. 2).
As required by subsection 13A(1), the determination provides details of the coins’ characteristics including standard composition, standard weight, allowable variation from standard weight, design and dimensions.
Due to an administrative oversight during the preparation of Currency (Perth Mint) Determination 2008 (No. 1) the maximum diameter was incorrect in the text of the determination, as required.
Additionally, due to an administrative oversight during the preparation of Currency (Perth Mint) Determination 2009 (No. 2) the maximum diameter was incorrect in the text of the determination, as required.
These oversights have been corrected by Currency (Perth Mint) Amendment Determination 2009 (No. 1).
Such a determination is a disallowable instrument for the purposes of section 42 of the Legislative Instruments Act 2003.
Retrospective affect
Treasury has advice from the Office of Legislative Drafting and Publishing that 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.
Public consultation
No public consultation was undertaken in relation to the amending currency determination as it made a minor technical amendment.
Sections one to three and schedule one is taken to have commenced on 29 April 2008. Section four and schedule two is taken to have commenced on 19 May 2009.
Overview
The Currency (Perth Mint) Amendment Determination 2009 (No. 1) was enacted to correct administrative errors in the Currency (Perth Mint) Determination 2008 (No. 1) and 2009 (No. 2) concerning the maximum diameter of numismatic coins proposed to be issued by the Perth Mint, under subsection 13A(1) of the Currency Act 1965. This amendment was made by the then Minister for Superannuation and Corporate Law and was subsequently registered as a disallowable instrument under section 42 of the Legislative Instruments Act 2003. The determination was issued without public consultation due to the minor nature of the technical corrections it contained. The Currency (Perth Mint) Amendment Determination 2009 (No. 1) was designed to ensure the accuracy of the coin specifications as mandated by the Currency Act 1965 and to rectify the oversights that could potentially affect the production and quality control of the numismatic coins.
Scope and Application
The Currency (Perth Mint) Amendment Determination 2009 (No. 1) amends the Currency (Perth Mint) Determination 2008 (No. 1) and the Currency (Perth Mint) Determination 2009 (No. 2) under the Currency Act 1965, specifically targeting the Perth Mint's issuance of numismatic coins. This amendment rectifies administrative errors regarding the maximum diameter specifications of the coins as outlined in the original determinations. The scope of this legislation is limited to the correction of technical errors in the previously issued determinations concerning the specifications of numismatic coins. It applies to the Perth Mint and its issued coins, with no direct application to individuals, entities, or industries outside of the mint's operations. Geographically, the application of this amendment is confined to Australia, as the Currency Act operates on a national level. There are no stated exclusions, exemptions, or thresholds in this particular amendment. The determination's retrospective effect does not disadvantage any person or impose liabilities for actions taken prior to the amendment's registration, as confirmed by Treasury. This amendment does not require public consultation, given its minor technical nature.
Key Provisions
The Currency (Perth Mint) Amendment Determination 2009 (No. 1) amends the Currency (Perth Mint) Determination 2008 (No. 1) and 2009 (No. 2) to correct the maximum diameter of numismatic coins specified in those determinations, as required by subsection 13A(1) of the Currency Act 1965 (sections 1-3). The amendment ensures that the specifications of the coins, including their standard composition, standard weight, allowable variation from standard weight, design, and dimensions, accurately reflect the intended standards. This correction is crucial for maintaining consistency and integrity in the minting process.
Under this amendment, the Perth Mint is obligated to adhere strictly to the corrected specifications when issuing numismatic coins. This includes ensuring that the coins meet the prescribed standards for composition, weight, diameter, design, and dimensions. The amendment imposes a requirement on the Mint to provide accurate and precise specifications for the coins to prevent any future discrepancies.
There are no explicit offences, penalties, or consequences outlined in the Currency (Perth Mint) Amendment Determination 2009 (No. 1) for breaches of the amended specifications. However, any failure by the Perth Mint to comply with the corrected specifications could lead to broader legal and regulatory consequences under the Currency Act 1965, including potential enforcement actions by the relevant authorities. The determination itself serves to correct an administrative error and does not introduce new enforcement provisions or penalties.