Explanatory Statement
Currency Act 1965
Currency (Royal Australian Mint) Amendment Determination (No. 1) 2017
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 2016 (No. 1)
Item 1 omits the maximum diameter in item 25 of Schedule 1 Part 1 Currency (Royal Australian Mint) Determination 2016 (No. 1) and substitutes “28.30” to reflect the actual coin specifications achieved by the manufacturing process. |
Item 2 | Amendment of Currency (Royal Australian Mint) Determination 2016 (No. 1)
Item 2 omits the maximum thickness in item 25 of Schedule 1 Part 1 Currency (Royal Australian Mint) Determination 2016 (No. 1) and substitutes “2.65” to reflect the actual coin specifications achieved by the manufacturing process. |
Item 3 | Amendment of Currency (Royal Australian Mint) Determination 2016 (No. 1)
Item 1 omits the edge in item 25 of Schedule 1 Part 1 Currency (Royal Australian Mint) Determination 2016 (No. 1) and substitutes “E2” to reflect the actual coin specifications achieved by the manufacturing process. |
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) 2017 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.
Overview
The Currency (Royal Australian Mint) Amendment Determination (No. 1) 2017 amends the Currency (Royal Australian Mint) Determination 2016 (No. 1) to update the specifications for certain coins, reflecting the actual characteristics achieved by the manufacturing process. Enacted under the Currency Act 1965, this instrument aims to ensure the Royal Australian Mint's continued production of circulating and numismatic coins aligns with current manufacturing capabilities. The determination is made by the Minister for Small Business and outlines the coins' characteristics such as composition, weight, design, and dimensions. It does not affect the rights or impose liabilities on individuals and has been deemed compatible with human rights under the Human Rights (Parliamentary Scrutiny) Act 2011. The determination comes into effect on the day after registration and does not require public consultation as it pertains to internal specifications rather than public policy.
Scope and Application
The Currency (Royal Australian Mint) Amendment Determination (No. 1) 2017 applies to the Royal Australian Mint and its operations, specifically to the production of circulating and numismatic coins. It amends the Currency (Royal Australian Mint) Determination 2016 (No. 1) to reflect actual coin specifications achieved through the manufacturing process. This amendment affects the weight, design, and dimensions of the coins, ensuring they meet the required standards set out under subsection 13A(1) of the Currency Act 1965. The amendment is a disallowable instrument under the Legislation Act 2003 and is made without contravening the rights of individuals or imposing new liabilities. It does not extend beyond the Commonwealth and does not involve any exclusions, exemptions, or thresholds beyond those specified in the Currency Act 1965. The determination is made to facilitate the Mint's production of coins and ensures compliance with the human rights and freedoms recognised in international instruments, as it does not engage any applicable rights or freedoms.
Key Provisions
The Currency (Royal Australian Mint) Amendment Determination (No. 1) 2017 (F2017L01087) amends the Currency (Royal Australian Mint) Determination 2016 (No. 1) under subsection 13A(1) of the Currency Act 1965. The determination outlines the specifications of coins proposed to be issued by the Royal Australian Mint, including the coins' characteristics such as standard composition, standard weight, allowable variation from standard weight, design, and dimensions (Currency Act 1965, s 13A(1)). This amendment specifically adjusts the maximum diameter, thickness, and edge specifications for certain coins to reflect the actual specifications achieved through the manufacturing process.
The determination imposes specific requirements on the Royal Australian Mint to adhere to the updated specifications for coin production. These requirements ensure that the coins meet the prescribed standards for weight, design, and dimensions, enabling the Mint to continue producing both circulating and numismatic coins. The Mint is obligated to produce coins that align with the specifications set out in the amended determination, ensuring consistency and quality in the coinage produced.
There are no explicit provisions detailing offences, penalties, or consequences for breach in the Currency (Royal Australian Mint) Amendment Determination (No. 1) 2017. However, any failure by the Royal Australian Mint to comply with the specifications outlined in the determination could potentially lead to non-compliance issues under the broader regulatory framework of the Currency Act 1965. The Currency Act itself provides for penalties and enforcement measures for non-compliance with currency-related standards and specifications. The determination is a disallowable instrument under section 42 of the Legislation Act 2003, meaning it can be reviewed and disallowed by Parliament if found to be inconsistent with law.