Overview

The Currency (Perth Mint) Amendment Determination (No. 5) 2018 was enacted to address errors in the specifications of Australian coin characteristics, particularly those of two bullion coins issued by The Perth Mint. This instrument amends the Currency (Perth Mint) Determination (No. 4) 2018, correcting typographical errors in the descriptions of coin characteristics which arose due to an administrative error at The Perth Mint. The determination was issued by the Assistant Minister for Treasury and Finance, exercising powers under the Currency Act 1965, which allows the Treasurer to specify coin characteristics by legislative instrument. The policy objective is to ensure accuracy and consistency in the legal specifications of Australian coins, facilitating the legal tender status of coins issued under the Act. This legislative instrument commenced the day after its registration on the Federal Register of Legislation and is subject to disallowance under section 42 of the Legislation Act 2003. Notably, no public consultation was undertaken for this amendment, which solely aims to correct previous administrative errors.

Scope and Application

The Currency (Perth Mint) Amendment Determination (No. 5) 2018 amends the Currency (Perth Mint) Determination (No. 4) 2018, which concerns the specific details of Australian coin characteristics, including denomination, composition, weight, design, and dimensions of certain bullion coins issued by The Perth Mint. This legislative instrument applies to the entities involved in the production and issuance of Australian coins, specifically The Perth Mint, and is authorised by the Treasurer under the Currency Act 1965. The amendment rectifies typographical errors made in the previous determination and does not introduce new substantive changes to the coin characteristics themselves. The instrument is subject to disallowance and commenced the day after it was registered on the Federal Register of Legislation. The instrument does not engage with any human rights issues as declared under the Human Rights (Parliamentary Scrutiny) Act 2011, and no public consultation was undertaken for its development.

Key Provisions

The Currency (Perth Mint) Amendment Determination (No. 5) 2018 amends the Currency (Perth Mint) Determination (No. 4) 2018, primarily by correcting typographical errors in the explanations of Australian bullion coin characteristics. This involves adjusting the detailed descriptions of the reverse design of the coins to rectify an administrative error made by The Perth Mint (Section 4). The operative sections, particularly Section 13(2) and Section 13A of the Currency Act 1965, empower the Treasurer to determine the characteristics of Australian coins, including their denomination, composition, weight, design, and dimensions. By this amendment, the Treasurer rectifies the previously inaccurate descriptions to ensure the legal and operational accuracy of the coin specifications. The obligations under this Act for The Perth Mint involve ensuring that any bullion coins produced adhere strictly to the corrected specifications outlined in the amended determination. The Perth Mint must ensure that these coins meet the legal standards set forth by the Treasurer and the Currency Act 1965, which includes having the correct design, weight, and other characteristics as determined. Additionally, The Perth Mint is responsible for maintaining accurate and precise records of the coin specifications and ensuring that any public communications regarding these coins reflect the corrected details. Failure to comply with the requirements set out in this amendment may result in legal consequences. While the explanatory statement does not explicitly detail penalties, breaches of the Currency Act 1965, such as the production of coins that do not conform to the specified characteristics, could lead to civil or criminal liability. The Currency Act 1965 includes provisions for penalties, which may involve fines or other legal actions, although the exact penalties are not specified within the explanatory statement. It is crucial for The Perth Mint to adhere to these specifications to avoid any potential legal repercussions.