All Change at the Royal Australian Mint

Titled ‘Change’, the Royal Australian Mint’s (RAM) 2023 annual report is aptly named for an organisation that experienced multiple significant changes over the course of last year, including the introduction of the new royal effigy on its circulating coins and the extensive renovation of its visitor centre.

Banks requested a total of 47 million circulating coins over the course of the year, a 57% decrease from 2022-23. The RAM noted that sales to commercial banks remained inconsistent to historical trends – with sales no longer considered regular, and total volumes also considered low.

Reduced orders from the banks was attributed to the work of the Australian Banking Association and key retailers, who engaged with the CIT sector to ensure the continued provision of cash to the community. Commercial banks then drew on their coin reserves rather than ordering new coins, resulting in a significant reduction in revenue for the RAM.