EXPLANATORY STATEMENT
Currency Act 1965
Currency (Perth Mint) Determination 2008 (No. 2) Amendment Determination 2008 (No. 1)
Under subsection 13A(1) of the Currency Act 1965, the Minister for Superannuation and Corporate Law made a determination earlier in 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. 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. 2) the year of issue for two coins was not included in the text of the determination, as required. This oversight has been corrected by Currency (Perth Mint) Determination 2008 (No. 2) Amendment Determination 2008 (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 received 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.
The determination commences on 1 November 2008.
Overview
The Currency (Perth Mint) Determination 2008 (No. 2) Amendment Determination 2008 (No. 1) amends the Currency (Perth Mint) Determination 2008 (No. 2), which was enacted under subsection 13A(1) of the Currency Act 1965 by the Minister for Superannuation and Corporate Law. This legislation was introduced to address an administrative oversight that led to the omission of the year of issue for two coins in the original determination. The amendment rectifies this oversight, ensuring compliance with the legislative requirement to include the year of issue. The Currency Act 1965, overseen by the Australian Parliament, aims to regulate the issuance and specification of coins in Australia. The policy objective of these determinations is to maintain consistency and clarity in the specifications and characteristics of coins issued by the Perth Mint.
Scope and Application
The Currency (Perth Mint) Determination 2008 (No. 2) Amendment Determination 2008 (No. 1) is an instrument under the Currency Act 1965 that corrects an administrative oversight in the previously issued Currency (Perth Mint) Determination 2008 (No. 2). This amendment ensures that the year of issue for two coins is included in the determination, as required by subsection 13A(1) of the Currency Act 1965. The determination outlines the specifications for numismatic coins to be issued by the Perth Mint, including details such as standard composition, standard weight, allowable variation from standard weight, design, and dimensions. This amendment applies to the Perth Mint and any entities or individuals involved in the production and issuance of these coins. It is a Commonwealth instrument and therefore has a national jurisdictional reach. The determination does not extend to any other mints or coin issuers within Australia. The Currency (Perth Mint) Determination 2008 (No. 2) Amendment Determination 2008 (No. 1) is a technical correction and does not introduce any new substantive legal requirements or exclusions beyond those already stipulated in the original determination.
Key Provisions
The main operative sections of the Currency (Perth Mint) Determination 2008 (No. 2) Amendment Determination 2008 (No. 1) focus on correcting an administrative oversight in the original determination. Specifically, section 1 of the amendment addresses the missing year of issue for two coins, ensuring compliance with the requirements under subsection 13A(1) of the Currency Act 1965. This amendment is crucial as it rectifies the omission and maintains the integrity of the legislative framework governing numismatic coins issued by the Perth Mint.
The obligations and requirements imposed by this amendment on the relevant parties, particularly the Perth Mint, are straightforward yet essential. The Perth Mint must now adhere to the corrected specifications as outlined in the amended determination. This includes ensuring that the year of issue for the specified coins is accurately documented and reflected in any future minting processes. The Mint must also continue to comply with all other provisions of the original Currency (Perth Mint) Determination 2008 (No. 2) regarding the coins' composition, weight, design, and dimensions.
In terms of potential consequences for non-compliance, the amendment does not explicitly detail specific offences, penalties, or civil/criminal consequences for breach. However, it is reasonable to infer that any failure to comply with the corrected specifications could lead to regulatory scrutiny or enforcement actions under the Currency Act 1965. Such actions might include fines or other penalties as determined by the relevant authorities. Given that the amendment aims to correct a technical oversight rather than introduce new regulatory measures, the primary focus remains on ensuring accurate and compliant minting practices.