Explanatory Statement
Currency Act 1965
Currency (Royal Australian Mint) Amendment Determination (No. 1) 2016
Under subsection 13A(1) of the Currency Act 1965, the then Parliamentary Secretary to the Treasurer made determinations regarding the specifications of coins proposed to be issued by the Royal Australian 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.
Item 1 | Amendment of Currency (Royal Australian Mint) Determination 2015 (No. 4) Item 1 omits subparagraph (c)(iv) of the reverse design in item 26 of Schedule 1 Part 2 Currency (Royal Australian Mint) Determination 2015 (No. 4) and substitutes “(iv) ‘C’; and” to accommodate the insertion of a further paragraph to the reverse design.
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Item 2 | Amendment of Currency (Royal Australian Mint) Determination 2015 (No. 4) Item 2 inserts “(d) a circle of raised beads immediately inside the rim.” after subparagraph (c)(iv) of the reverse design in item 26 of Schedule 1 Part 2 Currency (Royal Australian Mint) Determination 2015 (No. 4) to improve the description of the reverse design.
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Item 3 | Amendment of Currency (Royal Australian Mint) Determination 2015 (No. 4) Item 3 omits subparagraph (c)(iv) of the reverse design in item 35 of Schedule 1 Part 2 Currency (Royal Australian Mint) Determination 2015 (No. 4) and substitutes “(iv) ‘C’; and” to accommodate the insertion of a further paragraph to the reverse design.
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Item 4 | Amendment of Currency (Royal Australian Mint) Determination 2015 (No. 4) Item 4 inserts “(d) a circle of raised beads immediately inside the rim.” after subparagraph (c)(iv) of the reverse design in item 35 of Schedule 1 Part 2 Currency (Royal Australian Mint) Determination 2015 (No. 4) to improve the description of the reverse design.
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Item 5 | Amendment of Currency (Royal Australian Mint) Determination 2016 (No. 1) Item 5 omits the shape in item 25 of Schedule 1 Part 1 Currency (Royal Australian Mint) Determination 2016 (No. 1) and substitutes “S2” to correct an inaccuracy in the shape of the coin.
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Item 6 | Amendment of Currency (Royal Australian Mint) Determination 2016 (No. 2) Item 6 omits the denomination in item 17 of Schedule 1 Part 1 Currency (Royal Australian Mint) Determination 2016 (No. 2) and substitutes “$2” to correct an inaccuracy in the denomination of the coin.
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Item 7 | Amendment of Currency (Royal Australian Mint) Determination 2016 (No. 2) Item 7 omits paragraph (a) of the reverse design in item 24 of Schedule 1 Part 2 Currency (Royal Australian Mint) Determination 2016 (No. 2) and substitutes “(a) a representation of a kangaroo and a joey in a landscape featuring grass and rolling plains; and” to correct an inaccuracy in the description of the reverse design.
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Item 8 | Amendment of Currency (Royal Australian Mint) Determination 2016 (No. 2) Item 8 omits paragraph (b) of the reverse design in item 24 of Schedule 1 Part 2 Currency (Royal Australian Mint) Determination 2016 (No. 2) and substitutes “(b) representations of flowers and leaves; and” to correct an inaccuracy in the description of the reverse design.
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Item 9 | Amendment of Currency (Royal Australian Mint) Determination 2016 (No. 2) Item 9 omits subparagraph (c)(ii) of the reverse design in item 24 of Schedule 1 Part 2 Currency (Royal Australian Mint) Determination 2016 (No. 2) and substitutes “(ii) “1 oz .999 Ag”;” to accommodate the insertion of a further subparagraph to the reverse design.
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Item 10 | Amendment of Currency (Royal Australian Mint) Determination 2016 (No. 2) Item 10 inserts “(iii) the designer’s initials “SMS” after subparagraph (c)(ii) of the reverse design in item 24 of Schedule 1 Part 2 Currency (Royal Australian Mint) Determination 2016 (No. 2) to include the initials of the designer, Stevan Michael Stojanavic, in the coin design.
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Item 11 | Amendment of Currency (Royal Australian Mint) Determination 2016 (No. 2) Item 11 omits paragraph (d) of the reverse design in item 25 of Schedule 1 Part 2 Currency (Royal Australian Mint) Determination 2016 (No. 2) and substitutes “(d) 4 lunes containing varying representations of mosaic tiles; and” to reflect the actual coin design achieved by the manufacturing process.
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Item 12 | Amendment of Currency (Royal Australian Mint) Determination 2016 (No. 2) Item 12 omits paragraph (e) of the reverse design in item 25 of Schedule 1 Part 2 Currency (Royal Australian Mint) Determination 2016 (No. 2) and substitutes “(e) positioned between those lunes, representations of mosaic tiles; and” to reflect the actual coin design achieved by the manufacturing process.
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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.
Consultation
No public consultation was undertaken in relation to the currency determination. The effect of this instrument is to determine the weight, design and dimension of coins to enable the Royal Australian Mint to continue its production of circulating and numismatic coins. The Mint receives public submissions on coin designs and determines appropriate designs in accordance with its Coin Design Policy. The Mint used market based tools to identify interested parties and gauge interest in coin themes.
Statement of Compatibility with Human Rights
This 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. The purpose of the Currency (Royal Australian Mint) Amendment Determination (No. 1) 2016 is to determine the weight, design and dimension of circulating and numismatic coins. This instrument does not engage any of the applicable rights or freedoms. This instrument is compatible with human rights as it does not raise any human rights issues. This determination has been made by the Minister for Small Business, Michael McCormack, in accordance with subsection 13A(1) of the Currency Act 1965.