Explanatory Statement
Currency Act 1965
Currency (Perth Mint) Amendment Determination (No. 1) 2016
Under subsection 13A(1) of the Currency Act 1965, the then Assistant Treasurer made the Currency (Perth Mint) Determination 2016 (No. 1) regarding the design and specifications of coins proposed to be issued by the Perth Mint.
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 Legislation Act 2003.
Amendment of Currency (Perth Mint) Determination 2016 (No. 1)
Item 19 of Schedule 1, Part 1 Currency (Perth Mint) Determination 2016 (No. 1) was not manufactured within the determined specifications. The Currency (Perth Mint) Amendment Determination (No. 1) 2016 reflects the actual coin specifications achieved by the manufacturing process. Item 1 omits the maximum diameter and substitutes “41.00” and item 2 omits the maximum thickness and substitutes “10.00”.
Commencement
This determination commences on the day after it is registered.
The proposed amendments do not contravene subsection 12(2) of the Legislation 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
GoldCorp Australia has undertaken consultation among its network of Australian and international wholesale distributors. Authorised Australian distributors of Perth Mint products are consulted regularly during business meetings and participation at the Australian Numismatic Dealers’ Association Coin, Banknote and Stamp shows. Likewise, international distributors are consulted during a schedule of individual meetings hosted during the World Money Fair held in Berlin and the American Numismatic Association’s World’s Fair of Money.
Limited consultation is conducted with external parties due to the confidentiality of coin themes and artwork, due to the risk of competitors viewing innovations and potentially releasing similar coins into the market prior to release.
Members of the public have the opportunity to contact GoldCorp Australia to present any themes they would like to see commemorated on Australian legal tender. These concepts are then researched and presented to GoldCorp Australia’s sales and marketing department for consideration and feedback.
Statement of Compatibility with Human Rights
Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011
Currency (Perth Mint) Amendment Determination (No. 1) 2016
This Legislative 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.
Overview of the Legislative Instrument
The purpose of this Legislative Instrument is to amend the determined maximum diameter and thickness of one numismatic coin to be released by the Perth Mint.
Human rights implications
This Legislative Instrument does not engage any of the applicable rights or freedoms.
Conclusion
This Legislative Instrument is compatible with human rights as it does not raise any human rights issues.