In line with the Mint’s 2016–20 Strategic Plan, the activities for 2018–19 included:
- working closely with Australia’s banks to maintain an efficient supply chain for circulating coins. This included managing inventory to ensure appropriate coin supply throughout the Australian economy
- designing, manufacturing and distributing world-class collectible coins to satisfy the needs of collectors, gift buyers, tourists and investors
- pursuing commercial business opportunities to offset the seigniorage gap (the difference between the face value of coins and the cost to produce them) caused by declining orders of circulating coins
- educating Australians on the significance of coins and inspiring them through innovative themes, designs and innovation
- developing a continuous improvement culture to reduce costs, minimise waste and maximise efficiency
- delivering in full and on time to our customers and clients
- maintaining our outstanding record for workplace health, safety and environmental conditions
- recognising the importance of staff, and
- building greater recognition of the important role the Mint plays in Australian society.
Australia’s declining use of coins continued in 2018–19, and the Mint focused on other ways to add value to its customers, clients and citizens. This is not limited to Australia: the Mint also worked cooperatively with its friends across the Pacific Rim to facilitate currency solutions for seven countries. The Mint also achieved strong revenue from international sales of commemorative coins and investment products, and continued to develop meaningful partnerships with international organisations.
Locally, the Mint enjoyed another year of strong engagement across a wide cross section of Australians. This was further enhanced by expanding the Mint’s outreach program, reaching many metropolitan, regional and rural areas over the past 12 months. The Mint’s valued customers continued to enjoy a high standard of service during the year, providing the Mint with a net promoter score of 62. This was a four point improvement on 2017–18—a significant gain in only 12 months and an affirmation of the Mint team’s commitment to providing service excellence to its valued customers.
By using LEAN manufacturing principals, the Mint improved efficiency— not just across its manufacturing operation, but across the entire organisation. The Mint exceeded its savings target of $1.5 million by using LEAN principals and tools to drive and achieve cost reductions. This was an excellent result.
The Mint’s innovation and world-firsts also extended to community engagement. The launch of a national treasure hunt competition during the financial year inspired Australians to engage with the coins in their pockets. Australia’s Dollar Discovery was an innovative initiative that sent tens of thousands of Australians scrambling to find three special $1 coins that commemorated the 35th anniversary of the iconic ‘mob of roos’ coin, designed by Stuart Devlin. From 64 093 entries, eight were selected to mint their own limited edition one kilogram pure silver coin—a priceless experience for the lucky winners.
A partnership with the Mint and Woolworths made collectible coins available to all Australians through the Mr Squiggle Seven Coin Collection. These coins were exceptionally popular with families and the Mint anticipates that many new coin collectors will develop over time through initiatives such as these.