A Solid Year for Royal Australian Mint, Despite Challenges

The Royal Australian Mint (RAM) recently published its annual report for 2022.

In the year, 110 million circulating coins were supplied to banks, a decrease of 19 million from the 119 million supplied in 2021-2022. Demand was stronger in the first half year, with higher denominations predominating. The sales value of circulating coins for the year was $64 million, a 10% increase over 2021-2022.

RAM continued to meet the circulating coin needs of Australia’s Pacific neighbours, producing more than 29.4 million circulation coins for Papua New Guinea, 3.5 million for Tonga and 2.9 million for Vanuatu.

There was a modest increase of $2 million in seigniorage in the year, from $25 million in 2021-2022 to £27 million, reflecting increased costs in areas such as interest compensation payments to the banks and the cost of underutilised resources.