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Royal Australian Mint - Reports - 1993-94


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ROYAL AUSTRALIAN MINT

ANNUAL REPORT

© Commonwealth of Australia 1994

ISBN 06 4434784 8

This work is copyright. Apart from any use as permitted under the Copyright Act / 96H, no part may be reproduced by any process without prior written permission from the Australian Government Publishing Service. Requests and inquiries concerning reproduction rights should be directed to the Manager, Commonwealth

Information Services, Australian Government Publishing Service, GPO Box 84, Canberra ACT 2601.

Produced by the Australian Government Publishing Service

ii

A v A U STR A LIA ,./'-

ROYAL AUSTRALIAN MINT

The Hon. Ralph Willis, MP

Treasurer of the Commonwealth of Australia

Parliament House

CANBERRA ACT 2600

Dear Treasurer,

I am pleased to submit the Annual Report of the Royal Australian Mint for the year ending 30 June 1994. The Report has been prepared under sub-section 25(6) of the Public Service Act 1922 and in accordance with guidelines referred to in sub-section 25(7)

The report outlines the activities and discusses the performance of the Royal Australian Mint for FY 1993/94.

Sub-section 25(8) of the Public Service Act 1922 requires you to cause a copy of the report to be laid before each House of Parliament within 15 sitting days after the day on which you receive the report.

Yours sincerely,

Glenys Roper

Controller

11 October 1994

iii

THE ROYAL AUSTRALIAN MINT

The Royal Australian M int is responsible for the production of Australia’s circulat­ ing coinage. Banknotes are produced by Note Printing Australia, a division of the Reserve Bank of Australia, at its Craigiebum facility in Melbourne. Australia’s national capital, Canberra, provides a picturesque location for the M int’s central­

ised operations. In its twenty nine years of operation, the Mint has become an inte­ gral part of the national capital and a popular tourist destination.

Prior to the opening of the M int in 1965, just one year before decimal currency changeover, Australia’s coin requirements were provided by branches of Britain’s Royal Mint located in Sydney, Perth and Melbourne. After the Mint opened, assis­ tance was initially required from the Mints in London, Melbourne and Perth to

provide the quantity of coins required for the complete currency change. While the Mint supplied the bulk of decimal currency requirements, varying levels of input were provided from Royal M int branches in London and Perth, and the Royal Cana­ dian Mint until 1983. The Mint has exclusively supplied Australia’s circulating coin

requirements since 1983.

During its short history, the Mint has produced in excess of ten billion Australian decimal coins and currently has the capacity to manufacture more than two million coins per day on a single shift basis. From 1969, both circulating and collector coins have been struck for a number of overseas countries, including Thailand, Canada,

Bangladesh, Papua New Guinea, New Zealand, Tonga, Western Samoa, Cook Islands, Fiji, Israel, United Arab Emirates, Nauru and Tokelau.

Coins are not the only products manufactured at the Mint. Medals, medallions, seals and tokens are produced for a wide range of Government, corporate, sporting and tourist needs in Australia and overseas. They are particularly popular in business and academic circles as prizes, achievement awards and promotions. Some prime

examples are Commonwealth Games victory medals, Sydney Monorail Tokens, Jupiters Casino Tokens and the Australia Prize. The production of official Govern­ ment medals such as the Order of Australia is also an important element of the business.

As well as Government and corporate sales, the Mint markets its products through national and international dealer networks. Retail sales are made through an exten­ sive mail order operation with a customer base of some 80,000 collectors and the Mint Shop which services visitors to the M int’s tourist facility.

With a clear focus on quality management, leading technology, advanced staff rela­ tions policies and efficient resource management, the Mint has become one of the leading producers of quality coins in the world— a significant achievement in a global industry that is characterised by tradition and historical reputation. Notwith­

standing this enviable reputation, the Mint is committed to remaining a world class mint and achieving excellence as a Government business.

CONTENTS

Page No

Organisation Chart viii

Part One— Mint Overview 1

Role 1

Business Planning and Performance Measurement 1

Management Framework 1

Performance Summary 2

Part Two— Sales and Marketing 3

Circulating Coin 3

Numismatic Coin 3

Honours and Awards 4

Corporate and International , 4

Part Three— Operations 5

Increasing Efficiency 5

Production 5

Quality and Scientific Expertise 6

Engineering Awards 6

Environment 6

Part Four— Staff and Management Issues 7

Restructuring 7

Industrial Democracy 7

Enterprise Bargaining 8

Occupational Health and Safety 8

Equal Employment Opportunity 9

Achievement Awards 9

Staffing Related Data 9

Part Five— Finance 10

Financial Performance 10

Seigniorage 10

vi

ANNEXES

Page No

Financial Statements 15

1. Audit Report from the Australian National Audit Office 15

2. Certificate from Mint Management 17

3. Profit and Loss Statement 18

4. Balance Sheet 19

5. Statement of Cash Flows 20

6. Notes to the Financial Statements 21

7. Australian Decimal Coin Issued by Treasury (historical data, 28 denominations, value)

Corporate and Business Operations 28

8. Tourism Data 1991/92— 1993/94 28

9. Advertising and M arket Research 29

Production Data 30

10. Circulating Coin Production (country, denominations, alloy, 30 number of pieces)

11. Proof and Special Coin Production—Australia and Overseas 31

12. Medals, Medallions, Tokens and Jewellery 34

Human Resources Data 35

13. Staffing Levels by Gender and Classification 35

14. Occupational Health and Safety 36

Statutory Reporting Requirements Index 37

Contact Officer 38

vii

ROYAL AUSTRALIAN MINT ORGANISATION CHART

CONTROLLER

DIRECTOR MARKETING

DIRECTOR PLANNING AND DESIGN

* Marketing Strategies and Initiatives A International and Domestic Sales A Product Development A Public Relations and Communications A Tourist Facility

A Production Planning, Scheduling and Monitoring A Engineering Design and Development A Industrial Engineering A Cost Accounting

DIRECTOR PRODUCTION

HUMAN RESOURCES

QUALITY AND TECHNICAL SERVICES

DIRECTOR FINANCE AND SUPPLY

A Product Manufacturing and Packaging A Design and Production of Master Tooling A Production of Working Dies and

Manufacture of Associated Tooling and Accessories

A Personnel Services A Industrial Relations A Staff Development A Occupational Health and Safety, and

Rehabilitation A Registry Services A ADP Systems

A Quality Policies, Programmes and Procedures A Quality Audits A Maintenance and Maintenance

Scheduling of Buildings and Engineering Facilities A Security A Laboratory Services A Service Contract Management

A Non-Pay Financial Services A Financial System Development and Reporting A Purchasing A Inventory Management

viii

PART ONE— MINT OVERVIEW

Role

The Royal Australian Mint is a division of the Commonwealth Department of the Treasury with responsibility for producing Australia’s circulating and numismatic coin, and official Government honours and medals.

As a Government business, the M int is required to make a commercial return on investment. The Government expects the Mint to produce Australia’s circulating coin to international benchmarks of efficiency, timeliness and cost. The collector coin and medals business is required to operate profitably with commercial deci­

sions being made in response to market forces.

To increase capacity utilisation and improve profitability, the Mint performs work under contract for other countries.

Business Planning and Performance Measurement

The Business Plan is the key driver of the M int’s business activities and perfor­ mance for the year. The Senior Management Team is responsible for Mint perfor­ mance and achievement of Business Plan strategies.

Directors, in consultation with their staff, prepare action plans to meet the Business Plan strategies. Each action plan contains information on resource requirements, critical milestones and responsible project managers. Directors report against the critical milestones at fortnightly Senior Management Meetings. Directors’ perfor­

mance assessment is based on achievement of milestones in the action plans and on achievement of the Business Plan strategies.

Service agreements detail the services sections agree to provide to each other. They provide clear statements of what is necessary to produce goods on time, of the required quality and at the benchmark cost. These agreements provide a mechanism

for assessing the extent to which sections are co-operating to achieve agreed Busi­ ness Plan outcomes.

Management Framework

Department of the Treasury. The Mint is responsible to the Secretary of the Trea­ sury with the Controller reporting to the Deputy Secretary (Financial and Struc­ tural).

Mint Advisory Board. The Board provides strategic advice and reviews Mint per­ formance against key indicators and strategies in the Business Plan. The Advisory Board comprises Treasury executives and the Controller, with representation from other Public Sector commercial enterprises. The Controller reports monthly to the Board.

Senior Management Team. The Senior Management Team is responsible for man­ aging the Mint. It comprises the Controller and six Directors, with functional responsibility as depicted on the adjacent page. Senior Management Meetings are held every two weeks to discuss strategic and major operational issues and to review

performance against budget and other key indicators.

1

Performance Summary

The year was one of continuing change and improved performance for the Mint. A new Controller was appointed in late October 1993. The administrative structure was streamlined as a result of a joint Mint-Treasury review and new lines of accountability and responsibility were established. A Mint Advisory Board was set

up to provide Mint management with strategic advice and regular review of Mint performance against budget and other key indicators.

A very important change in the year was made to the M int’s accounts, with the removal of seigniorage from its financial statements. Seigniorage is the difference between the transfer price (that is, the price at which manufactured coins are notion­ ally transferred from the M int to the Government for issue to the public) and the face value of circulating coin. It is remitted to Consolidated Revenue. Inclusion of seig­ niorage in previous Mint accounts had obscured its underlying performance as a coin producer. This new treatment and presentation of the accounts makes the per­ formance of the Mint as a business very clear.

As a result of increased revenues and reduced costs the Mint recorded a profit of $0.606m for the year compared with the previous year’s loss (on the same account­ ing basis) of $3.3m. This represents a 3.2% return on Mint net assets and follows a significant 6.5% increase in productivity (measured by revenue, excluding seignio­ rage, per staff member). Strategies in the M int’s Business Plan for 1994-95 are expected to ensure the ongoing profitability of the Mint and further improve the return on the Government’s investment in line with Government requirements for its businesses.

Circulating coin production increased from 128 million pieces in 1992-93 to 154 million pieces in 1993-94. Out of a total revenue of $86.4m in 1993-94, the Mint returned $62.7m in seigniorage, royalties and other payments to Consolidated Rev­

enue. This compares with $28.5m returned to Consolidated Revenue in 1992-93 out of a total revenue of $60m. 1993-94 was also a very good year for numismatic coin sales with revenue at $20m or $2.5m over budget. Particularly successful were the $1 Silver Kangaroo and the popular Masterpieces in Silver.

A continuing strong control over inventory during the year and focus on Just-In­ Time production systems has seen inventory drop from a high of $59m in 1989-90 to $27m in 1991-92 and $13m in 1993-94. Continuing cost savings were achieved for the year with operating expenses (less cost of goods sold and voluntary retire­ ment packages) declining from $8.8m in 1992-93 to $6.2m in 1993-94. Staffing numbers also declined from 182 in 1992-93 to 162 in 1993-94.

2

PART TWO— SALES AND MARKETING

Circulating Coin

Manufacture of circulating coin in 1993-94 (refer Annex 10 for details) increased by some 20% over the previous year. The increase was largely due to:

• growth in demand for coin from expanding economic activity,

• reduced inventory holdings by the Reserve Bank of Australia and the Mint over recent years, and

• diminished effect on demand of the 1 and 2 cent coin withdrawal which caused other denominations to flow back into circulation.

During 1993-94 the M int has worked closely with the Reserve Bank of Australia, its customer for circulating coin, to develop a more commercial working relation­ ship. Monthly forecasts provided by the Reserve Bank of Australia have enabled the Mint to operate on a Just-In-Time basis. This has allowed the Mint to match its pro­

duction schedule more closely with seasonal demand. Significant overall reduc­ tions have been achieved in both coinage blanks and finished coin inventory. Detailed management of distribution by both the Mint and the Reserve Bank of Australia has enabled peak demands to be met despite reduced buffer stocks.

Numismatic Coin

The past financial year was a very exciting one for the Numismatic Coin Program with sales o f collector coins to the Australian and International markets exceeding expectations. A number of limited mintage releases were over subscribed and keenly sought by coin collectors. Annex 11 lists the coins produced while the fol­

lowing paragraphs outline the program highlights for the year.

The annual proof and uncirculated coin sets for 1994 commemorated the Year of the Family and incorporated a new 50 cent coin design. A public competition was con­ ducted to select the design and over 1200 entries were received from around Austra­ lia. The winning design was submitted by a young graphic designer from South

Australia, Ms Carolyn Rosser.

The Masterpieces in Silver set which contains five sterling silver proof coins is very popular. The set has been dedicated to Australia’s social and cultural history, with the aim of continuing the series until the celebration of the Centenary of Federation in 2001. The 1993 designs feature the aborigine as the first human inhabitant of the

continent, as well as explorers James Cook, Abel Tasman, Matthew Flinders and the trio Blaxland, Lawson and Wentworth.

Another new release during the year was the first coin set in a new series entitled Australia’s Olympic Heritage. The ten dollar coins in this series are struck from fine silver and come in a frosted uncirculated finish. The initial release features Austra­ lia’s first male and female Olympic gold medallists, Edwin Flack and Sarah (Fanny) Durack. The series continues in 1995 with The Living Legends and concludes in

1996 with Australia’s Greatest Olympics.

3

An innovation during the year was the M int’s first bi-metallic coin. Bi-metallic technology uses coin blanks made of two separate pieces of metal, an outer ring and an inner dump. The bi-metallic coin design celebrated the 100th anniversary of the enfranchisement of women in South Australia and featured the eminent suffragist of the 1890’s, Mary Lee. In addition to the bi-metallic design a proof version was

also released. A total of 250,000 bi-metallic coins were manufactured. All had been sold within eight weeks of release.

A one troy ounce, Silver Kangaroo Dollar coin was also released early in the year. The coin features a unique frosted specimen grade finish which is designed to appeal to international collectors. The Silver Kangaroo has now become one of the

Mints most popular collector coins. International sales have been exceptionally strong and it is expected that the coin will become a regular purchase for interna­ tional collectors.

Honours and Awards

Australia’s highest civil and military honours, such as the Order of Australia and Defence Service Medals are produced for Government House staff who are respon­ sible for administering the awards. During the year the Mint produced 18,365 medal and medallion sets/pieces for Government House. Revenue from these sales was $0.449m. In addition, a small quantity of similar medals and medallions were pro­ duced for two overseas governments. Refer to Annex 12 for details.

Currently the Mint is working with Government House on two new medals, the Australian Service Medal 1945-75 and the Australian Civilian Service Medal 1939-45.

Corporate and International

The Mint produces custom designed medals and medallions for the Australian corporate sector and provides contract minting services to other countries. Both markets continue to be an additional source of revenue for the Mint.

A number of export contracts have been negotiated with European and Asian agen­ cies for the supply of custom designed coins and medallions. These contracts are likely to extend into the 1994/1995 financial year and the Mint plans to improve on this year's performance.

Sales of medallions and tokens have remained stable. This year the Mint produced medallions for a wide range of Australian companies, including, Caltex Oil Austra­ lia Ltd. Telecom Australia and the Bums Philp organisation. It also produced promotional tokens for News Ltd and David Jones Co Ltd. The M int’s dedication to workmanship and reputation for high quality and artistry continues to be its greatest asset within this market. Mint custom designed medallions are considered an excel­ lent means of acknowledging excellence and promoting corporate goals and achievement.

Details on International and Corporate sales are contained in Annexes 10,11 and 12.

4

PART THREE— OPERATIONS

Increasing Efficiency

The focus in Mint operations is on increasing efficiency while maintaining a world class reputation for quality and technical expertise. At all times the Mint aims to satisfy customer needs for quality and delivery on time.

During the year the Mint has focussed on managing inventory, improving produc­ tivity and optimising capacity utilisation. These will continue to be key result areas for 1994-95.

Strategies for inventory management have been developed around implementation of Just-In-Tim e supply and production processes, product risk analysis and prod­ uct performance reporting to minimise inventory write-off.

Productivity has been improved by extending multi-skilling of staff to meet increased demand with reduced resources. Operating strategies have also started to focus on minimising the use of casual labour by smoothing out peaks and troughs in production demand.

Improved capacity utilisation is being achieved by mapping demand and capacity, through close attention to product lead times and scheduling, and through contracts with suppliers which ensure delivery of materials on time and to specification.

To further enhance efficiency, the Mint will be introducing in 1994-95, a Business Process Improvement project. Focussing on customer needs, it will examine all of the key processes in the Mint and identify ways of eliminating those which do not add value and therefore involve unnecessary costs. Another important strategy for

1994— 95 is to continue to improve the skills base of all staff. A skills audit will be undertaken and a training strategy developed to address any skills deficiencies.

Production

Production of circulating and numismatic coin has increased over 1992-93 levels. This has occurred at a time when production staffing levels have been reduced by some 10%. The resulting improvement in productivity has been achieved through refining the manufacturing process and a successful multi-skilling program. A

number of innovations have also been introduced to reduce costs and/or enhance the service that can be provided to customers, including:

• product management of the Government House honours program to reduce costs and increase customer satisfaction;

• installation of a silver plating facility for medals and tokens;

• development of new coinage alloys for silver and gold coins; and

• a new coining process that provides a quality frosted surface. Coins produced using this process have proven popular with collectors and reduced manufactur­ ing costs by some 10%.

5

Quality and Scientific Expertise

The Mint has an enviable reputation for the quality of its products and for its engi­ neering excellence. In fact, the Royal Australian Mint was the first Mint in the world to be accredited to International Quality Standard ISO 9002 or AS 3902. During the

year. Standards Australia conducted a full audit of the M int’s quality system and issued an unqualified report.

Recently the Mint has developed, in conjunction with CSIRO, the Optical Surface Profiler and the Filtered Arc Deposition System (FADS 3000) both winners of national engineering awards and the subject of much interest internationally.

The Optical Surface Profiler provides dramatic changes in the quality control of minting tooling with faster and more accurate analysis. Analysis time has been reduced by more than 80%, with a tenfold increase in the amount of data available. The Optical Surface Profiler has recently been sold to the USA Mint and the Chinese Mint.

FADS 3000 enables the application of thin, ultra smooth and hard surface coatings to a range of materials, significantly increasing the life of the product or tool. For the Mint, this technology has particular application to coining dies. Initial tests indicate that the process will significantly increase the effective life of a die.

Engineering Awards

The FADS 3000 system received the following awards during the year:

• The Institute of Engineers National Engineering Excellence Award in the Research and Development category.

• The ACT Branch of the Institute of Engineers Distinction in Engineering Achievement Award.

Environment

Through its Energy Savings Program the Mint has upgraded its 29 year old heating and cooling system with major energy savings. The new computerised building management system minimises energy usage and emissions of greenhouse gases. Energy costs have fallen from $0.616m in 1991-92 to $0.511m in 1993-94 while coin production has increased by around 35% over the same period.

Through extensive research, the Mint has developed a new process for drying coin­ ing blanks which has reduced drying costs by some 50%.

6

PART FOUR—STAFF AND MANAGEMENT ISSUES

Restructuring

The focus of the M int’s effort in 1993-94 was on introducing a structure more able to meet its new commercial mode of operation through:

• streamlining the administrative structure,

• reducing the number of lines of responsibility and accountability, and

• matching staffing resources with demand.

During the year, one of the two SES positions was abolished and the senior officer structure, which had been reduced by one quarter, finalised. Overall staffing num­ bers fell from 182 to 162 through natural attrition and voluntary retrenchments.

More recently, emphasis has been placed on:

• building staff confidence in the future of the organisation,

• a culture that emphasises equity and fairness, and

• open communication throughout the Mint.

All Staff have been involved in Business Planning workshops as part of the devel­ opment o f the M int’s Business Plan 1994— 95— 1996-97. The workshops discussed Mint direction and strategies and the role that staff had in achieving those strategies.

A workshop for Mint senior managers was held at the beginning of the planning process to identify the key issues for the M int over the planning period and the responsibilities of the Senior Management team in achieving the required changes. The workshop also set in place the accountability processes for achievement of

the Business Plan strategies through action plans and service and performance agreements.

Industrial Democracy

The Mint has had an Industrial Democracy Plan in place for many years. The cor­ nerstone of the Plan was the establishment of a joint union-management Mint Con­ sultative Council. The Mint Consultative Council meets at approximately six monthly intervals and provides a forum for ongoing meaningful staff participation in the Mints decision making processes. Two M int Consultative Council meetings were held during the year.

During 1993-94, it became increasingly obvious that Mint Consultative Council Meetings were becoming bogged down in detail. An additional consultative mecha­ nism was established. The Industrial Democracy Sub-committee meets at two monthly intervals and considers in detail those matters referred from the Mint Con­

sultative Council, as well as other issues involving Mint operations as they arise.

Some of the major topics discussed in the Mint Consultative Council and Industrial Democracy Sub-committee were voluntary redundancy policy, production flex­ time, contracting policy and enterprise bargaining.

7

Enterprise Bargaining

Enterprise bargaining commenced in the Mint with the first management/union meeting towards the end of March 1994. Four subsequent meetings were held before the end of the year. At the 30 June 1994 meeting, Mint management tabled a draft outline agreement which provided details of proposed salary increases, dates of effect and a change process. The program includes multi skilling, broadbanding, employment flexibility and participation in the business process improvement proj­ ect. Significant progress towards an agreement is expected in the first quarter of the new year.

So that all staff are able to understand and participate in Workplace Bargaining, seminars have been conducted in-house by Department of Industrial Relations staff. Managers, supervisors and union delegates have attended full day seminars, while remaining staff have been provided with half day sessions. In addition, staff are kept informed of developments through general distribution of meeting minutes and information bulletins. Unions are also encouraged to hold meetings of members to discuss progress to date and gather ideas.

Occupational Health and Safety

The M int’s commitment to providing a safe and healthy workplace for all employees is embodied in a formal policy which has been in place for several years. A joint union/management Occupational Health and Safety Committee meets at least once every two months to consider all matters associated with the health and safety of employees. Designated work groups elect individual health and safety representatives for two year periods. Elections were held for the majority of these positions during the year.

The Mint continues to be accredited by the National Safety Council of Australia under its five star safety management program. During 1993-94, the Mint increased its rating from three to four stars, placing it in the top 5% of safety ratings in industry. This has been achieved through a concerted safety awareness campaign that has resulted in a significant drop in the number of work related lost time injuries for the

year, with no lost time due to work related injuries in the last half of the year. This improved Occupational Health and Safety performance has impacted considerably on the amount of Comcare premium paid by the Mint which has reduced from $0.323m in 1992/93 to $0.167m in 1993/94. Comcare have advised that the premium will fall dramatically to $0.064m in 1994/95.

The Mint has successfully met its responsibilities under the OH&S (CE) Act 1991. No directions or notices were issued to the Mint under Sections 30,45, 46 or 47 of the Act. Comcare were notified of six reportable incidents during the year.

The Occupational Health and Safety Section has been heavily involved in develop­ ing and implementing health and safety related policies, conducting/arranging staff safety training, monitoring staff health and work practices, investigating accidents and providing rehabilitation and emergency first aid services. The more significant services and programs delivered during the year are detailed in Annex 14.

8

Equal Employment Opportunity

The M int’s 1993-96 Equal Employment Opportunity Program was approved by the Public Service Commissioner early in the year. The revised Program complements its predecessor and seeks to build on the initiatives that have already been com­ menced. Copies of the Program have been provided to existing staff and any new

starters.

Women have been a particular focus group for Equal Employment Opportunity initiatives during the year. All women have been made aware of the Springboard Training Program and encouraged to seek places on the course. Four women suc­ cessfully completed the course in 1993-94. Staff have also been advised of the wide

range of provisions available in the Australian Public Service to assist them to bal­ ance work and family responsibilities. Staff notices have been issued on sexual harassment and standards of conduct. In addition, Public Service Commission bro­ chures and posters on standards of conduct have been widely distributed within the

Mint.

The above actions have developed an increased awareness of Equal Employment Opportunity principles and the rights and responsibilities flowing from them. They have also provided a general understanding of obligations and rights in relation to harassment of all types in the workplace.

The Mint has an ongoing project that provides employment on a temporary basis for the disabled. Intellectually disabled members of the Koomarri Association have been provided with a mixture of unpaid work experience places and paid contract work during the year.

Achievement Awards

Mr Graham Conran, the M int’s Engineering Technology Adviser was awarded the prestigious Claude A Stewart Award by the Institute of Metals and Materials Aus­ tralasia Ltd. The award was for M r Conran’s contribution to the science and practice of heat treatment over the past thirty years.

Staffing Related Data

Performance Pay. A total of $62,892 was distributed to the 21 Mint staff who were eligible for inclusion in the scheme in 1993-94.

Training. The total number of staff training days for 1993-94 was 618, at a cost of $0.130m. The training days were spread amongst the 150 participating staff, 78 of whom were included in one or more Equal Employment Opportunity categories.

Consultants. During 1993-94, 6 consultants were engaged at a total cost of $0.050m.

9

PART FIVE—FINANCE

Financial Performance

The focus for the year has been on building a commercial operation with a positive return on Government assets. In 1993-94, out of a total revenue of $86.4m, the Mint returned $62.7m in seigniorage, royalties and other payments to Consolidated Rev­

enue. With the separation of seigniorage from the business accounts for the first time in 1993-94 the performance of the business was clear. With a profit of $0.606m on revenue of $33.6m (net of seigniorage), the Mint made a return to Government of 3.2% on net assets of $19m. This compares with the 1992-93 result where, again excluding seigniorage, the Mint had a loss of $3.3m on net assets of $25.4m.

The significant improvement in 1993-94 was the result of:

• $2.5m higher than budgeted revenue for numismatic products;

• savings in operating expenses (less cost of goods sold* and voluntary retirement packages) which have been reduced from $8.8m in 1992-93 to $6.2m in 1993-94;

• reduced inventory costs through effective inventory management, with holdings falling from a high of $59m in 1989-90 to $27m in 1991-92 and $13m in 1993-94; ·

• considerable gains in occupational health and safety, resulting in reductions in workers compensation premiums from $0.323m in 1992-93 to $0.167m in 1993-94;

• exchange rate conditions having a favourable impact of $0.308m on metal prices for some blank purchases; and

• productivity measured by revenue (without seigniorage) per staff member, up 6.5%.

Note: * direct materials and direct labour.

The M int’s Business Plan for 1994— 95 projects an improved return on assets through:

• continued strong inventory management,

• focussing on the performance of each product and maximising returns,

• reducing operating costs, and

• increasing productivity through the introduction of process improvement.

Seigniorage

To ensure that the operation of the business can be seen clearly, the seigniorage com­ ponent of revenue has been separated from the 1993-94 financial accounts. Seig­ niorage is the difference between the transfer price of circulating coin and its face value. Transfer price covers direct material, direct labour and overhead costs attrib­ utable to the production of circulating coin. These have been benchmarked against

10

best practice for circulating coin production and the price set accordingly. The price includes an allowance for a return on Mint circulating coin assets, based on the long term bond rate. The difference between the circulating coin transfer price and its face value is remitted as seigniorage to Consolidated Revenue.

OPERATING EXPENSES RETURN ON INVESTMENT

1992/93 1993/94

Financial Year

1992/93 1993/94

Financial Year

COMPENSATION PREMIUM INVENTORY 350000

300000

250000

iS 200000

150000

100000

50000

1992/93 1993/94

Financial Year

1989/90 1990/91 1991/92 1992/93 1993/94

Financial Year

11

ANNEXES

ANNEX 1—INDEPENDENT AUDIT REPORT

Auditor-General

ROYAL AUSTRALIAN MINT

INDEPENDENT AUDIT REPORT

To the Treasurer

Scope

I have audited the financial statements of the Royal Australian Mint for the year ended 30 June 1994.

The statement comprises:

• Balance Sheet

• Profit and Loss Statement

• Statement of Cash Flows

• Certificate by the Secretary, Controller and Director Finance and Supply, and

• Notes to and forming part of the Financial Statements.

The Secretary to the Treasury, Controller of the Mint and Director Finance and Sup­ ply are responsible for the preparation and presentation of the financial statements and the information they contain. I have conducted an independent audit of the financial statements in order to express an opinion on them to the Treasurer.

The audit has been conducted in accordance with the Australian National Audit Office Auditing Standards, which incorporate the Australian Auditing Standards, to provide reasonable assurance as to whether the financial statements are free of material misstatement. Audit procedures included examination, on a test basis, of evidence supporting the amounts and other disclosures in the financial statements,

and the evaluation of accounting policies and significant accounting estimates. These procedures have been undertaken to form an opinion whether, in all material respects, the financial statements are presented fairly in accordance with Australian accounting concepts and standards and statutory requirements so as to present a

view which is consistent with my understanding of the Royal Australian Mint’s financial position, the results of its operations and its cash flows.

The audit opinion expressed in this report has been formed on the above basis.

15

ANNEX 1—INDEPENDENT AUDIT REPORT

Audit Opinion

In accordance with sub-section 4 1D(2A) of the Audit A ct 1901, 1 now report that the statements are in agreement with the accounts and records of the Royal Australian Mint, and in my opinion:

• the statements are based on proper accounts and records,

• the statements show fairly in accordance with Statements of Accounting Con­ cepts and applicable Accounting Standards the financial transactions and cash flows for the year ended 30 June 1994 and the state of affairs of the Royal Austra­ lian Mint as at that date, and

• the statements are in accordance with the Guidelines for Financial Statements of Public Authorities and Commercial Activities.

J. C. Taylor

Auditor-General

CANBERRA .

19th September 1994

16

ANNEX 2—FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 1994 CERTIFICATE In our opinion:

(a) the Financial Statements show fairly the operating results of the Royal Austra­ lian M int for the year ended 30 June 1994;

(b) the Financial Statements show fairly the financial position of the Royal Austra­ lian M int as at 30 June 1994;

(c) the Financial Statements show fairly the statement of cash flows of the Royal Australian Mint during the year ended 30 June 1994;

(d) at the date of this certificate, there are reasonable grounds to believe that the Royal Australian M int will be able to pay its debts as and when they fall due; and

(e) the Financial Statements of the Royal Australian Mint have been made in accordance with applicable accounting concepts and standards, and in accor­ dance with the Guidelines for Financial Statements of Public Authorities and Commercial Activities issued January 1994.

Signed at Canberra on the sixteenth day of September 1994 in accordance with decision of Mint M anagement.

E. A. EVANS

Secretary to the Treasury

G. J. ROPER

Controller

I. B. HAMILTON

Director Finance & Supply

17

ANNEX 3— PROFIT AND LOSS STATEMENT FOR THE YEAR ENDED 30 JUNE 1994

Notes 1994 1993

$’000 $’000

OPERATING REVENUES (Before abnormal items)

Sales Revenue 2 33,057 34,618

Other Revenue 535 833

Total operating revenues (before abnormal items) 33,592 35,451

OPERATING EXPENSES (Before abnormal items) 3

Cost of Goods Sold 25,606 30,990

Selling and Distribution 3,312 4,959

Administration 2,910 3,800

Voluntary Retirement Packages 278 71

Total operating expenses (before abnormal items) 32,106 39,820

Operating result before abnormal items 1,486 (4,369)

Abnormal Items 4 ' (880) 1,030

OPERATING PROFTT/(LOSS) 606 (3,339)

OUTSIDE INTERESTS AND TRANSFERS

Operating profit/(loss) 606 (3,339)

Accumulated profits at beginning of financial year 25,442 34,985

TOTAL AVAILABLE FOR APPROPRIATION 26,048 31,646

Trust Fund surpluses paid to Consolidated Revenue Fund (CRF) 5 (11,410) (6,204)

ACCUMULATED PROFITS AT END OF FINANCIAL YTiAR 14,638 25,442

This profit and loss statement should be read in conjunction with the notes to, and forming part of the Financial Statements.

18

ANNEX 4—BALANCE SHEET AS AT 30 JUNE 1994

Notes 1994

$’000

1993 $’000

CURRENT ASSETS

Cash 977 3,155

Receivables 6 2,975 5,714

Inventories 7 13,143 19,119

Other 8 383 903

Total current assets 17,478 28,891

NON CURRENT ASSETS

Property, Plant and Equipment 9 6,899 6,392

Other 10 2,956 59

Total non-current assets 9,855 6,451

TOTAL ASSETS 27,333 35,342

CURRENT LIABILITIES

Creditors 11 5,594 7,696

Provisions 12 1,257 1,134

Other 13 167 170

Total current liabilities 7,018 9,000

NON-CURRENT LIABILITIES

Provisions 14 1,339 900

Total non-current liabilities 1,339 900

TOTAL LIABILITIES 8,357 9,900

NET ASSETS 18,976 25,442

EQUITY

Parent Entity Interest

Asset Revaluation Reserve 15 4,338 Nil

Accumulated Profits 14,638 25,442

TOTAL EQUITY 18,976 25,442

This balance sheet should be read in conjunction with the notes to, and forming part of the Financial Statements.

19

ANNEX 5— STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 1994

Notes 1994

$’000 Inflows

(Outflows)

1993 $’000 Inflows

(Outflows)

CASH FLOWS FROM OPERATING ACTIVITIES

Inflows:

Receipts from Customers 36,693 35,088

Outflows:

Payments to Suppliers (19,085) (17,976)

Payments to Employees (6,755) (7,265)

Payments to Superannuation Funds 16 (1,021) (966)

Net cash provided or used by operating activities 17 9,832 8,881

CASH FLOWS FROM INVESTING ACTIVITIES

Outflows:

Payments for Plant and Equipment (460) (693)

Payments for Tooling (268) (1,727)

Net Cash provided or used in investing activities (728) (2,420)

CASH FLOWS FROM FINANCING ACTIVITIES

Inflows from Government:

NPDP Grant 128 Nil

Outflows to Government:

Trust Fund surpluses (11,410) (6,204)

Interest Paid Nil (367)

Repayment of Borrowings Nil (1,731)

Net cash prov ided or used by financing activities (11,282) (8,302)

NET INCREASE OR DECREASE IN CASH HELD (2,178) (1,841)

Cash at beginning of reporting period 3,155 4,996

CASH AT END OF REPORTING PERIOD 977 3,155

This statement of cash flows should be read in conjunction with the notes to, and forming part of the Financial Statements.

20

ANNEX 6— NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

1. Summary of Accounting Policies

(a) In accordance with the Minister for Finance Determination under Section 41D(2A) of the Audit Act 1901 the Mint has prepared the 1994 financial statements in accordance with the Guidelines for Financial Statements of Public Authorities and Commercial Activities.

(b) The financial statements are prepared on the going concern and accrual basis and are in accordance with historical cost principles. Accordingly, amounts presented in the financial statements do not necessarily reflect realisable values or changes in the purchasing power of money.

(c) Changes in Accounting Policy

(i) Seigniorage

The Royal Australian Mint (RAM) operates as a manufacturer of coins. The bulk of the coins are sold to the Reserve Bank of Australia (RBA) initially at face value which is significantly more than produc­ tion value of the services provided by the Mint. The value of sales is reduced to the agreed price with the Department of The Treasury which is based on the costs of production of circulating coin plus an

allowance for profit. This adjustment is known as Seigniorage and is included for the first time in the Financial Statements for the year ended 30 June 1994.

The prior year comparatives have been adjusted as follows:

1993 1993

Adjusted

$’000 $’000

Operating Revenues 66,457 35,451

Operating ProfitZ(Loss) 17,886 (3,339)

Surpluses Transferred to CRF 28,459 6,204

(ii) Recognition of Leased Precious Metals The comparative balances for Inventories and Creditors have been restated to meet the requirements of the Statement of Accounting Con­ cepts’ definitions for “ liability” and “ asset” in relation to gold and sil­

ver leased to facilitate coin production. As such, the 1992-93 compar­ atives for both Inventories and Creditors were increased by $4.223m.

(d) Non-current assets, with the exception of those which are stated at valuation as described in Note 15, are valued at lower of cost and net realisable value and depreciated monthly by the life of the asset using a straight line basis. This depreciation policy is in accordance with the Australian Accounting

Standards (AAS4). The depreciation policy is not applied to the coin collec­ tion and master tooling (dies and plasters). Land and Buildings are not part of the non-current assets of the Royal Australian Mint because they are rented from Australian Estate Management (AEM).

21

ANNEX 6— continued

(e) Production costs include direct materials, direct labour and an appropriate proportion of factory overheads, allocated on the basis of most appropriate denominator, eg rent on floor space.

(f) Raw materials and finished goods are brought to account at the lower of cost and net realisable value. Work in Progress is brought to account at standard cost to include direct costs and a proportion of direct labour and overhead. Leased precious metals are brought to account at the commodity price for the weight of silver and gold held at balance date. Indirect materials are expensed at time of purchase.

(g) The Royal Australian Mint's production of circulating coins is determined by the Reserve Bank of Australia and in discussion with the Royal Austra­ lian Mint, based on changes in public demand for coin supply.

(h ) These financial statements do not reflect the cost of services provided with­ out charge. The Department of Finance processes all accounts at no charge. The notional costs for the use of Finance’s systems for 1994 was $0.013m. In addition, the Mint receives at no charge overseas coins which are housed in the coin collection.

1994 1993

Sales Revenue

$’000 $’000

Australian Circulating Coin Sales 60,960 32,070

Less Seigniorage (Refer Note 5) 51,158 22,997

Sub Total 9,802 9,073

Australian Numismatic Coin Sales 19,979 20,274

Less Repurchases of Numismatic Coin Sales 444 383

Less Royalty on Sales (Refer Note 5) 1,199 1,216

Sub Total 18,336 18,675

Other Sales 4,919 6,870

Total 33,057 34,618

NOTE: Repurchase of withdrawn circulating coin and sale of scrap:

During the financial year, the Royal Australian Mint was required to repur­ chase at a loss between face value and scrap (refer Note 5) $ 1.023m (1993 - $1.958m) of withdrawn circulating coin, and sell coinage bronze scrap (lc and 2c) $2.054m (1993 $8.75lm) on behalf of the Commonwealth. This transaction is not recognised in the accounts of the Royal Australian

Mint because it does not relate to its operations. The transaction was funded by the seigniorage collected on behalf of the Commonwealth.

22

ANNEX 6— continued

1994 1993

$’000 $’000

3. Operating Expenses Operating expenses are arrived at after charging the

following specific items:

Salaries and Wages 6,231 6,720

Rent 1,041 1,136

Provisions:

Depreciation 752 800

Bad and Doubtful Debts 20 415

Obsolete Stock 373 Nil

Employee Benefits (97) (1,136)

4. Abnormal Items The Master Toobng has been reduced by $0.880m to reflect obsolete tools now recorded at nil value. 1994 1993

$’000 $’000

5. Reconciliation of Trust Fund Surpluses paid to Consolidated Revenue Fund (CRF) Trust Fund Surpluses Paid to CRF per the Profit and Loss Statement 11,410 6,204

Plus Seigniorage 51,158 22,997

Plus Royalty on Numismatic Coin Sales 1,199 1,216

Less Loss from Withdrawn Circulating Coin 1,023 1,958

Actual Surplus Funds Paid to CRF 62,744 28,459

Also refer Note 2 - Sales Revenue.

1994 1993

$’000 $’000

6. Receivables National Procurement and Development Program (NPDP) Grant

Nil 128

Trade Debtors 3,425 6,016

Less Provision for Doubtful Debts 450 430

Total 2,975 5,714

23

ANNEX 6— continued

1994 1993

$’000 $’000

7. Inventories Raw Materials 8,974 11,075

Work in Progress:

Australian Circulating Coin 568 581

Australian Numismatic Coin 414 415

Other 101 57

Finished Goods:

Australian Circulating Coin 679 2,481

Australian Numismatic Coin 2,148 3,044

Other 632 1,466

Less Provision for Obsolete Stock 373 Nil

Total 13,143 19,119

In order to facilitate the production of precious metal coins, the Mint ‘leases’ the quantity of gold and silver required and pays interest based on the value of these metals established on the commodity markets. As at 30 June 1994, a total of $4-323m (1993 $4.223m) was ’ leased’. ’Leased’ precious metals have been included in the above note at their various stages of completion.

1994 1993

$’000 $’000

8. Other Current Assets Prepaid Postage 186 808

Prepaid Rent 95 95

Prepaid Comcare Premium 102 Nil

Total 383 903

1994 1993

$’000 $’000

9. Property, Plant and Equipment

Master Tooling 1,115 1,727

Plant and Equipment 5,784 7,800

Less Accumulated Depreciation Nil 3,135

Total 6,899 6,392

Also refer Note 15— Asset Revaluation Reserve

24

ANNEX 6— continued

1994 1993

$’000 $’000

10. Other Non-Current Assets Coin Collection 2,956 59

The coin collection includes donated coins free of cost, and although under the control of the Mint is classed as a restricted asset because it is not available to be sold or otherwise disposed.

Also refer Note 15 - Asset Revaluation Reserve. 1994 1993

$’000 $’000

11. Creditors Trade Creditors 5,527 7,604

Accrued Expenses 67 92

Total 5,594 7,696

1994 1993

$’000 $’000

12. Provisions (Current) Recreation Leave 676 663

Long Service Leave 261 271

Workers Compensation 100 200

IOC Centennial Coin Program 220 Nil

Total 1,257 1,134

1994 1993

$’000 $’000

13. Other Current Liabilities Sales in Advance (Mail Order Customers) 167 87

National Procurement and Development Programme (NPDP) Grant Nil 83

Total 167 170

1994 1993

$’000 $’000

14. Provisions (Non-Current) Long Service Leave 900 900

IOC Centennial Coin Program 439 Nil

Total 1,339 900

The Royal Australian Mint is committed to $0.659m promotional costs for the IOC Centennial Coin Program for which the Mint will receive no benefit.

25

ANNEX 6— continued

15. Asset Revaluation Reserve

The Australian Valuation Office (AVO) was directed to stock-take, catalogue and oversee the valuation of the coin collection. The valuation of this asset increased by $2.897m. The AVO was further directed to stock-take and value Plant and Equip­ ment using straight line depreciation and a 10% residual when an asset reaches the end of its anticipated working life. The valuation of this asset increased by $ 1,441m.

All plant and equipment and the coin collection have been independently revalued during the year and the results of the revaluation brought to account at 30 June 1994. The revaluations were carried out by Mr Brian Nicholson AVLE (P&M) of the Australian Valuation Office. The valuation was made in accordance with a policy of revaluing plant and equipment at five yearly intervals.

16. Superannuation Commitments

During 1994. employees contributed to the Commonwealth Superannuation Scheme (CSS) and the Public Sector Superannuation (PSS) Scheme. An employer superannuation contribution is paid to the Retirements Benefits Office to meet the assessed employer costs under the Scheme.

The amount of employer contributions paid in respect of the financial year was $ 1.021m (1993 S0.966m).

Reconciliation of Net Cash Provided by Operating Activities to Operating Profit-Statement of Cash Flows

1994 $’000

1993 $’000

Operating Profit After Abnormal Items 606 (3,339)

Abnormal item—Master Tooling 880 Nil

Depreciation 752 800

Royalties 1,199 1,216

Repurchases of Circulating Coin (1,023) (1,958)

Voluntary Retirements 279 71

Bronze Meltdown Adjustment 234 876

Changes in Provision for Doubtful Debts 20 415

Changes in Provision for Obsolete Stock 373 Nil

Interest Expense Included in Financing Activities Nil 75

26

ANNEX 6— continued

1994 1993

$’000 $’000

Movement in Assets and Liabilities:

(Increase)/Decrease in Receivables 2,591 0,788)

Decrease in Inventories 5,603 7,686

Decrease in Other Assets 520 696

IncreaseZ(Decrease) in Creditors (2,102) 6,676

IncreaseZ(Decrease) in Provision for Annual Leave

13 (76)

Decrease in Provision for Long Service Leave (10) (30)

Decrease in Provision for Workers Compensation

(100) (1,030)

Decrease in Other Liabilities (3) (1,409)

Net cash provided by operating activities 9,832 8,881

18. Auditors Remuneration

Audit services are provided by the Australian National Audit Office (ANAO). The estimated fee payable to the ANAO in respect of 1994 financial year is $0.083m.

19. Related Parties Transactions

There were no related parties transactions during the financial year.

20. Contingent Liabilities

The M int has no contingent liabilities at balance date.

21. Commitments

The Mint has no outstanding commitments at balance date.

27

ANNEX 7—AUSTRALIAN DECIMAL COIN ISSUED BY TREASURY

YEA R

$2

$'000

$1

$ ’000 50 Cent $ ’000 20 Cent

$ ’000

10 Cent $ '000 5 Cent $ ’0001

2 Cent $ ’000 1 Cent $ ’000

TOTAL $ ’000

1965-88 63,839 304,784 213,152 159,605 83,879 74,075 45,440 28,240 973,014

1988-89 251,424 9,920 1,602 1 3,240 2,860 1,100 1,321 271,468

1989-90 40,534 46 550 557 3,852 4,096 2,151 1,416 53,202

1990-91 18,998 — — — 561 471 102 185 20,317

1991-92 21,165 5,030 2,321 1,140 2,000 3,150 — — 34,806

1992-93 16,460 7,150 50 56 4,000 3,874 — — 32,190

1993-94 26,100 24,075 2,349 280 2,440 5,716 — — 60,960

TO TALS 438,520 351,005 220,024 161,639 100,572 9 4 042 48,793 31,162 1,445,957

ANNEX 8— TOURIST NUMBERS 1991/92— 1993/94

MONTH 1993/94 1992/93 1991/92

July 14,603 15,551 13,703

August 13,774 10,881 10,205

September 19,857 17,983 16,520

October 18,652 18,057 17,859

November 15,096 12,693 12,351

December 13,229 10,071 10,312

January 23,012 19,589 18,914

February 9,518 5,616 6,931

March 12,136 8,992 7,802

April 19,473 13,167 15,716

May 11,983 9,926 9,503

June 13,241 8,555 9,250

Totals 184,574 151,081 149,066

28

ANNEX 9—ADVERTISING AND MARKET RESEARCH

ADVERTISING AGENCIES ($)

Grey Advertising, Canberra 268,796

Clemenger Direct, Sydney 59,152

MARKET RESEARCH ORGANISATIONS

Marketshare Pty Ltd, Brisbane 764

MEDIA ADVERTISING ORGANISATIONS

AIS Media, Sydney 110,108

Neville Jeffress, Canberra 9,663

DIRECT MAIL ORGANISATIONS

Automail, Sydney (through J.S. Macmillan Printing) 12,544

29

ANNEX 10—CIRCULATING COIN PRODUCTION 1993/94

C O U N T R Y D E N O M I N A T I O N

D A T E O F

C O I N A L L O Y

N U M B E R O F P I E C E S ( M I L L I O N )

A U S T R A L I A 5 C e n t 1993 C u p ro -n ic k e l 6 5 .9 9 2 0

5 C e n t 1994 C u p ro -n ic k e l 3 1 .9 4 0 0

10 C e n t 1992 C u p ro -n ic k e l 5 .4 5 8 0

10 C e n t 1993 C u p ro -n ic k e l 17.7713

2 0 C e n t P re -1 9 8 7 C u p ro -n ic k e l 1.4985

5 0 C e n t P re -1 9 8 7 C u p ro -n ic k e l 2 .2 1 7 2

5 0 C e n t 1993 C u p ro -n ic k e l 0 .9 8 2 8

5 0 C e n t 1994 C u p ro -n ic k e l 1.6231

1 D o lla r 1993 A lu m in iu m -b ro n z e 18.1875

1 D o lla r 1994 A lu m in iu m -b ro n z e 1.7325

2 D o lla r 1992 A lu m in iu m -b ro n z e 0 .3 0 3 0

2 D o lla r 1993 A lu m in iu m -b ro n z e 4 .1 1 5 0

W E S T E R N 1 S e n e 1993 B ro n z e 0 .1 8 0 0

S A M O A 2 S en e 1993 B ro n z e 0 .2 5 0 0

5 S e n e 1993 C u p ro -n ic k e l 0 .2 5 0 0

10 S en e 1993 C u p ro -n ic k e l 0 .2 5 0 0

2 0 S en e 1993 C u p ro -n ic k e l 0 .2 5 0 0

5 0 S en e 1993 C u p ro -n ic k e l 0 .0 1 0 0

T O N G A 1 S e n iti 1994 B ro n ze 0 .5 0 0 0

2 S e n iti 1994 B ro n z e 0 .2 5 0 0

5 S e n iti 1994 C u p ro -n ic k e l 0 .2 0 0 0

10 S e n iti 1994 C u p ro -n ic k e l 0 .1 4 0 0

2 0 S e n iti 1994 C u p ro -n ic k e l 0 .0 7 0 0

5 0 S e n iti 1994 C u p ro -n ic k e l 0 .0 4 0 0

T H A I L A N D 100 B a h t 1993 C u p ro -n ic k e l 0 .2 0 0 0

30

ANNEX 11—PROOF AND SPECIAL COIN PRODUCTION 1993/94

D A T E N U M B E R

O F N U M B E R O F

C O U N T R Y T Y P E C O IN O F P IE C E S S E T S

A U S T R A L IA 2 C o in F ro s te d U N C $ 1 0 O ly m p ic S et 1994 3 5 ,8 4 0 17,920

2 C o in S ilv e r IO C S e t in 2 C o in L e a th e r­

ette C a se 1993 2 ,6 1 0 1,305

2 C o in S ilv e r IO C S e t in 10 C o in L e a th e r­

e tte C ase 1993 2 7 0 135

2 C o in S ilv e r IO C S e t in 2 C o in S h ip p e r 1993 3 ,6 1 0 1,805

2 C o in S ilv e r IO C S e t in 2 C o in W o o d en

B o x 1993 4 0 20

3 C o in G o ld a n d S ilv e r IO C S et in 3 C o in

L e a th e re tte C a se 1992 36 12

3 C o in G o ld a n d S ilv e r IO C S et in 3 C o in

L e a th e re tte C a se 1993 10,800 3,600

3 C o in G o ld a n d S ilv e r IO C S et in 15

C o in L e a th e re tte C a se 1993 93 31

3 C o in G o ld a n d S ilv e r IO C S et in S h ip ­

p e r 1993 4 ,3 5 0 1,450

3 C o in G o ld a n d S ilv e r IO C S e t in 3 C o in

W o o d en B o x 1993 45 15

4 C o in P r o o f R o y a l L a d ie s S ilv e r G u ilt Set 1992 2 ,4 2 0 605

5 C o in P r o o f $5 E x p lo re rs S et 1993 9 7 ,7 3 0 19,546

5 C o in U n c irc u la te d $1 S et 7 2 ,4 8 0 14,496

6 C o in P ro o f S e t 1993 4 8 ,0 0 0 8,000

6 C o in P r o o f S e t 1994 2 1 6 ,0 0 0 3 6 ,0 0 0

6 C o in U n c irc u la te d S e t 1993 8 3 ,9 0 4 13,984

6 C o in U n c irc u la te d S e t 1994 4 4 4 ,6 1 8 74,1 0 3

6 C o in U n c irc u la te d B a b y G u m n u ts S e t 1993 8 8 ,6 5 6 14,776

6 C o in U n c irc u la te d B a b y G u m n u ts S e t 1994 146,094 24,349

5 0 C e n t U n c irc u la te d 1994 148,393 148,393

$ 1 P ro o f, W o m e n in S p o rt 1992 2 ,9 5 4 2 ,9 5 4

$1 P r o o f S ilv e r 1994 2 0 ,0 0 2 2 0 ,002

$1 P r o o f S ilv er, C o in F a ir 1994 5,001 5,001

$1 F ro s te d U n c irc u la te d , S ilv er K a n g aro o 1993 7 0 ,5 4 6 7 0 ,5 4 6

$1 F ro s te d U n c irc u la te d , S ilv er K a n g a ro o in c a p s u le 1993 5 5 ,0 2 0 5 5 ,0 2 0

$1 F ro s te d U n c irc u la te d , S ilv er K a n g a ­ ro o , C o in F a ir 1993 5 ,0 0 0 5 ,0 0 0

$1 U n c irc u la te d 1993 10,988 10,988

31

ANNEX 11— continued

D A T E N U M B E R

O F N U M B E R O F

C O U N T R Y T Y P E C O IN O F P IE C E S S E T S

A U S T R A L IA $1 U n c irc u la te d , ‘C ’ M in t M a rk 1993 34,115 3 4 ,115

$1 U n c irc u la te d , ‘M* M in t M a rk 1993 6 7 ,185 6 7 ,1 8 5

$1 U n c irc u la te d , ‘S ’ M in t M a rk 1993 5 ,0 0 0 5 ,0 0 0

$1 U n c irc u la te d , T elec o m 1993 5 .0 0 0 5 ,0 0 0

$1 U n c irc u la te d , ‘C ’ M in t M a rk 1994 9 5 ,9 7 6 9 5 ,9 7 6

$1 U n c irc u la te d , ‘S ’ M in t M a rk 1994 5 7 ,8 2 7 5 7 ,8 2 7

$5 P ro o f 1994 2 0 ,0 0 6 2 0 ,0 0 6

$5 P ro o f, C o in F a ir 1994 2 ,5 0 0 2 ,5 0 0

$5 P ro o f, S ilv er, A b o rig in e 1993 5 0 0 50 0

$5 P ro o f, S ilv er, B la x la n d , L a w so n & W en tw o rth 1993 50 0 50 0

$5 P ro o f, S ilver, C o o k 1993 50 0 50 0

$5 P ro o f, S ilv er, F lin d e rs 1993 5 0 0 5 0 0

$5 P ro o f, S ilv er, T asm an 1993 50 0 5 0 0

$5 U n c irc u la te d , B im e ta llic 1994 2 5 0 ,3 2 8 2 5 0 ,3 2 8

$ 10 P ro o f, P ie d fo rt, K o o k a b u rra 1989 153 153

$ 10 P ro o f, P e n g u in 1992 1,027 1,027

$ 1 0 P ro o f, A C T 1993 675 67 5

$ 10 P ro o f, P a lm C o c k a to o 1993 19,514 19,514

$ 10 P ro o f, P ie d fo rt, P a lm C o c k a to o 1993 13,888 13,888

$ 1 0 U n c irc u la te d , A C T 1993 3 ,808 3,808

$ 2 0 P ro o f, S ilv er, IO C , 3 G irls/D a is in S in g le C o in L e a th e re tte C a se 1993 2 ,3 7 0 2 ,3 7 0

$ 2 0 P ro o f, S ilv er, IO C , 3 G irls/D a is in S in g le C o in W o o d e n B o x 1993 393 393

$ 2 0 P ro o f, S ilv er, IO C , S w im m e rs in S in g le C o in L e a th e re tte C a se 1993 1,950 1,950

$ 2 0 P ro o f, S ilv er, IO C , S w im m e rs in S in g le C o in W o o d e n B o x 1993 392 392

$ 2 0 0 P ro o f, G o ld , IO C , G y m n a st in 3 C o in L e a th e re tte C a se 1993 60 60

$ 2 0 0 P ro o f, G o ld , IO C , G y m n a st in S in g le C o in L e a th e re tte C a se 1993 1,223 1,223

$ 2 0 0 P ro o f, G o ld , IO C , G y m n a st in 3 C o in L e a th e re tte C a se 1993 6 6

$ 2 0 0 P ro o f 1993 5 ,002 5 ,0 0 2

$ 2 0 0 U n c irc u la te d 1993 5 ,134 5 ,1 3 4

$ 2 0 0 U n c irc u la te d 1994 1,508 1,508

32

ANNEX 11— continued

D A T E N U M B E R

O F N U M B E R O F

C O U N T R Y T Y P E C O IN O F P IE C E S S E T S

C A N A D A $1 5 P r o o f S ilv e r, G e n e ra tio n 1992 6 5 0 6 5 0

$1 5 P r o o f S ilv e r, P o le , R in g s a n d S k a te r 1992 100 100

W E S T E R N S A M O A 7 C o in S p e c im e n S e t, W e s te rn S a m o a 1993 2 ,0 0 0 2 ,0 0 0

T H A I L A N D 100 B a h t P r o o f 1993 3 0 ,0 3 7 30,0 3 7

N A U R U $ 1 0 P r o o f S ilv e r, N a u ru , G a lile o 1994 3 3

$ 1 0 P r o o f S ilv e r, N a u ru , H e a d e r 1994 6 6

$ 1 0 P r o o f S ilv e r, N a u ru , Jo h n F e a m 1994 3 3

$ 5 0 P r o o f G o ld , N a u ru , Ja v e lin 1994 3 3

$ 5 0 P r o o f G o ld , N a u ru , K a ise r W ilh e lm 1994 4 4

V A N U A T U 2 0 V atu P r o o f S ilv e r, V an u atu , C o o k 1994 2 2

5 0 V atu P r o o f S ilv e r, V a n u atu , S h ip 1993 275 275

5 0 V atu P r o o f S ilv e r, V a n u atu , B g n E d g e 1994 3 3

100 V atu P r o o f G o ld , V an u atu , K in g fish e r 1994 2 2

C O O K $5 P r o o f G o ld , C o o k Isla n d s, D o g 1,066 1,066

IS L A N D S $5 P r o o f G o ld , C o o k Isla n d s, D o g 1994 4 ,0 1 2 4 ,0 1 2

$ 1 0 P r o o f G o ld , C o o k Isla n d s, D o g 1994 2 ,0 1 6 2 ,0 1 6

$ 2 0 P r o o f G o ld , C o o k Isla n d s, D o g 2 5 4 254

$ 2 0 P r o o f G o ld , C o o k Isla n d s, D o g 1994 1,511 1,511

$ 1 0 0 P r o o f G o ld , C o o k Isla n d s, D o g 8 8

$ 2 0 0 P r o o f G o ld , C o o k Isla n d s, D o g 9 9

33

ANNEX 12— MEDALS, MEDALLIONS, TOKENS AND JEWELLERY

MEDALS AND MEDALLIONS

NUMBER OF SETS/PIECES

Government House:

Order of Australia Set 1,385

Order of Australia Bow Set 303

DFSM Set 423

Active Service Set 1,004

Distinguished Service Set 210

Bravery Set 236

Star of Gallantry Set 70

Police Overseas Service Set 338

Vietnam Logistic and Support Set 1,022

National Medal Set 7,779

Australian Service Set 1,676

Clasp Sets (Various) 3,735

Miscellaneous 184

Overseas Government 1,931

Overseas Corporate 2,211

Government Departments and Statutory Authorities 9,341

Academic Institutions 2,611

Australian Corporate 15,064

Royal Australian Mint (Various) 686

Plaques (Various) 44

TOKENS

Retailers 796,016

Tourism and Hospitality 223,818

Media 380,407

Government Departments and Statutory Authorities 15,793

Miscellaneous 9,000

JEW ELLERY

Royal Australian Mint Lapel Badges (Various) 17,498

Corporate Lapel Badges 3,187

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ANNEX 13— STAFFING LEVELS AS AT 30 JUNE 1994

CLASSIFICATION FEMALE MALE TOTAL NESB

SES2 1 1 0

SPO-SO-STO A 0 1 1 1

SPO-SO-STO B 0 8 8 2

SPO-SO-STO C 1 6 7 1

A S 0 6 0 4 4 0

A S 0 5 1 6 7 0

ASO 4 2 1 3 1

ASO 3 3 1 4 0

ASO 2 Perm 1 1 2 1

ASO 2 Temp 2 2

ASO 1 Perm 5.5 1 6.5

ASO 1 Temp 1 0 1 1

PROF OFF 2 0 4 4 3

TO 4 0 1 1 1

TO 3 0 5 5 3

TO 2 0 1 1 0

TO 1 1 2 3 2

SENIOR STORES SUP 0 2 2 1

SENIOR STOREMAN 0 1 1 1

GSO 9 0 4 4

GSO 8 1 1

GSO 7 Perm 0 10 10 4

GSO 7 Temp 1 1 1

GSO 6 Perm 2 18 20 11

GSO 6 Temp 1 1

GSO 5 4 14 18 10

GSO 3 17 23 40 34

APPRENTICES 0 3 3 0

TOTAL ALL STAFF 41.5 120 161.5 78

TOTAL PERMANENT 38.5 118 156.5 76

TOTAL TEMPORARY 3 2 5 2

INOPERATIVE 1 2 3

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ANNEX 13— continued

One female staff member works part time. The hours worked are the equivalent of half a full time position. Three staff members were inoperative at 30 June 1994 because they were on temporary transfer in another department or leave without pay.

KEY

SES Senior Executive Service.

SPO/SO/STO Senior Professional Officer, Senior Officer, Senior Technical Officer

ASO Administrative Service Officer

PROF OFF Professional Officer

TO Technical Officer

GSO General Service Officer

NESB Non English Speaking Background

ANNEX 14— OCCUPATIONAL HEALTH AND SAFETY

Some of the more significant measures taken during the year to ensure the health, safety and welfare of Mint staff were:

• hearing tests for all staff;

• eyesight testing for screen-based users and staff working in designated eye protection areas;

• ergonomics and manual handling awareness and training program for all staff;

• voluntary health assessment tests conducted by Health Advancement Services;

• atmospheric monitoring of the Production Area;

• voluntary ‘QUIT’ courses for smokers;

• promoting the Employee Assistance Program which provides professional, independent and confidential counselling to all staff at no personal cost;

• provision of a personal alarm system to enable Toolroom staff working overtime to obtain emergency assistance;

• arranging for the chemical monitoring of staff identified as ‘at risk’ of chemical overexposure;

• arranging for First Aid Officers to be immunised against Hepatitis B; and

• co-ordination of further training, including retraining on oxygen resuscitation therapy, for First Aid Officers.

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ANNEX 14— continued

STATUTORY REPORTING REQUIREMENTS INDEX

DESCRIPTION OF REQUIREMENT PAGE(S)

LETTER OF TRANSMISSION iii

AIDS TO ACCESS:

Table of Contents vi-vii

Compliance Index 37

PORTFOLIO AND CORPORATE OVERVIEW:

Portfolio Overview Treasury

Corporate Overview 1

Social Justice and Equity Treasury

Industrial Democracy 7

Occupational Health and Safety 8, 36

Freedom of Information Treasury

Advertising and Market Research 29

PROGRAM PERFORMANCE REPORTING

STAFFING OVERVIEW: 35

Performance Pay 9

Training 9

Consultants 9

FINANCIAL STATEMENTS 15-27

37

Further information on any details contained in this Annual Report or data of a type similar to that in previous Reports may be obtained from:

Brian Durack Royal Australian Mint CANBERRA ACT 2600 AUSTRALIA

Telephone

National (06) 202 6836 International +61 6 202 6836

Facsimile

National (06) 285 1443 International +61 6 285 1443

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