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Consultancies

In 2018–19 four new consultancies were entered into totalling $397 000. These were varied in nature, reflecting the diverse nature of the Mint’s business requirements. They were largely IT-related due to the continued enhancement of the Mint sales, production and reporting system capability.

The Mint’s policy for selecting and engaging consultants is on the basis of:

  • value for money
  • open and effective competition
  • ethics and fair dealing
  • accountability and reporting
  • national competitiveness and industry development, and
  • support for other Australian Government policies.

Providers of consultancy services are selected through the following procedures:

  • Open tender – a procurement procedure that involves publishing an open approach to market and inviting submissions.
  • Prequalified tender – a procurement procedure that involves publishing an approach to market and inviting submissions from all potential suppliers.
  • Limited tender – a procurement procedure that involves an agency approaching one or more potential suppliers to make submissions, where the process does not meet the rules for open tender or prequalified tender.

Consultancies were engaged to:

  • investigate or diagnose a defined issue or problem
  • carry out defined research, reviews or evaluations
  • provide independent advice and information, or
  • provide creative solutions to help the Mint to manage its decision making.

The most common categories for the engagement of consultancy services were:

  • unavailability of specialist in-house resources in the short timeframe allowed
  • the need for an independent study, review or assessment, or
  • specialist or professional skills and knowledge not available in-house.

Asset Management

The Mint manages and reports both current and non-current assets in accordance with guidelines set out in the Accountable Authority Instructions and Australian Accounting Standards.

Non-current assets are subject to an annual stocktake to ensure records are accurate. The Mint’s revaluation strategy ensures correctness of the carrying fair value amount at reporting date.

The Mint manages four types of fixed asset classes:

  • plant and equipment
  • leasehold improvements
  • intangibles
  • heritage and cultural including the National Coin Collection.

These assets have a total net value of $55.03 million.

The National Coin Collection, under the management of the Mint, is a restricted asset because it is not available to be sold or made available to a third party. An independent valuation was conducted to provide a fair value of the collection at 30 June 2019.

All assets are assessed for impairment at each reporting date.

ADVERTISING AND MARKET RESEARCH

Vendor

Purpose

Cost $ GST inclusive

UM Media

Advertising

$620 628

Dentsu Mitchell

Advertising

$28 356

Alliance Strategic Research

Market Research

$17 490

Colmar Brunton

Market Research

$120 461

GalKal

Market Research

$21 560