The Royal Australian Mint (Mint) is one of Canberra’s landmark buildings. Today’s ceremony marking the commencement of important renovation works, is a significant occasion for our Nation, for the City of Canberra and for the people who work here.
The Mint was opened just over forty-two years ago on the 22 February 1965 by the Duke of Edinburgh. As many of you will know, it was built to produce Australia’s decimal currency which was introduced in February 1966.
Since its opening the Mint has produced over 14 billion decimal coins, and last financial year added 634 million coins to Australia’s stock of coins. Notably the demand for coins remains healthy despite the rapid growth in credit cards and electronic payments. Importantly, this refurbishment will assist the Mint in continuing its role in meeting Australia’s need for circulating coin well into the future.
Around 200,000 people visit the Mint each and every year. A good proportion of this sizable number comprise school children from all over Australia. As the Member for Aston I often have the pleasure of hosting school children visiting from Melbourne’s eastern suburbs. A key part of their trip to Canberra is to visit Parliament House to see first-hand where and how our nation’s laws are made. Here at the Mint they of course learn about our currency, especially our coins.
Many adult Australians can recall such as visit in their early years. The significance of these visits cannot be underestimated as young children, who are developing their financial literacy skills, regularly see coins being used in the media and in advertisements as symbols for saving and spending.
Apart from Australia’s circulating coins, the Mint produces an astounding array of collector coins in base and precious metals to commemorate events and symbols of national importance. For 2007, the Mint has issued specially designed coins commemorating 100 years of surf life saving in Australia, the 75th anniversary of the opening of the Sydney Harbour Bridge and to mark International Polar Year 2007-08. The Mint also produces medals, tokens and other minted products for national and international clients.
Not all countries produce their own coins and the Mint receives a large number of international visitors each year who are interested to observe the process of design, tooling and manufacture of Australia’s circulating and collector coins. In fact the Mint produces coins for other countries and it is anticipated that with the refurbishment there will be increased scope for the Mint to produce other countries’ coinage requirements.
Ladies and gentlemen, since its construction, the Mint’s facilities have had only minor renovations. This project, which formally commences today, will provide a much needed facelift for one of Australia’s most important national institutions.