Attachment B

EXPLANATORY STATEMENT

Currency Act 1965

Currency (Perth Mint) Determination 2011 (No. 1)

Under subsections 13(2) and 13A(1) of the Currency Act 1965, the Assistant Treasurer has made a determination regarding the standard composition of coins for denominations listed in the schedule and on the specifications of coins proposed to be issued by the Perth Mint.

Subsections 13(2) and 13A (1) of the Currency Act 1965 require that the determination provide details of coin characteristics, including the standard composition of coins of a denomination of money specified in the determination, and the standard weight, allowable variation from standard weight, design and dimensions of the coins proposed to be issued.

A determination made by the Assistant Treasurer is a disallowable instrument for the purposes of section 42 of the Legislative Instruments Act 2003.

•                 2011 Prince William and Catherine Middleton Royal Wedding – Proof Coin

The design for the 1oz silver coin depicts a coloured representation of Prince William and Catherine Middleton superimposed over Westminster Abbey.

•                 2011 Prince William and Catherine Middleton Royal Wedding – Aluminium Bronze Bullion Coin

The design on the aluminium bronze coin depicts a representation of Prince William and Catherine Middleton superimposed over Westminster Abbey.

Public Consultation

No public consultation was undertaken in relation to the currency determination as it has limited public interest and the designs of the coins are based on the commercial decisions by the Perth Mint.

The determination commences on the day after it is registered.