Document ID: chunk:federal_register_of_legislation:F2022N00139:reg:6
Version: federal_register_of_legislation:F2022N00139
Segment Type: reg
Provision Reference: reg 6
Character Range: 2558–5019

6  Persons authorised to determine issue price of coins of certain denominations

Delegations
 (1) Under subsection 14A(2) of the Act, each person occupying, or performing the duties of, one of the following positions is delegated the Treasurer's powers under subsection 14A(1) of the Act:
 (a) the Chief Executive Officer of the Royal Australian Mint;
 (b) the Chief Executive Officer of the Gold Corporation;
 (c) the Secretary to the Treasury;
 (d) a Deputy Secretary in the Treasury;
 (e) an SES Band 2 in the Treasury.

Directions
 (2) Under subsection 14A(5) of the Act, a person delegated a power under subsection (1) is directed to exercise the power in accordance with all of the following:
 (a) the Treasurer is to initially determine the price at which a coin is to be issued, with the delegate only exercising the power under subsection 14A(1) of the Act to vary that price or a previously varied price;
 (b) coins must not be issued at a price lower than the total market value of the gold, silver and platinum that make up the standard composition of the coin on the day of issue;
 (c) the delegate must maintain a record of each time the delegate exercises the power under subsection 14A(1) and make that record available to an officer in the Treasury upon request;
 (d) before exercising the power under subsection 14A(1), the delegate is to have regard to all of the following:
 (i) market conditions (globally and in particular regions);
 (ii) secondary markets in which it is expected that the particular coins may be on-sold;
 (iii) the volume of coins that may be sold to any particular buyer;
 (iv) the particulars of the coin and its finish;
 (v) costs of issuing the coin (including the packaging and presentation costs);
 (vi) the desirability of disposing of the remainder of particular coins;
 (vii) if identical coins are to be issued at different prices—the timing of the issue of the coins, the nature of the buyers and particular classes of buyers, differing packaging and presentation costs, and other relevant matters;
 (viii) any other matter relevant to allow the issue price to reflect market conditions.
 (3) Under subsection 14A(5) of the Act, a person delegated a power under either paragraph 6(1)(a) or (b) is directed to exercise the power only in relation coins issued by that delegate or another person occupying, or performing the duties of, the same position as the position held by the delegate.

Part 3—Repeals