Reserve Bank of Australia Annual Report – 1992 Note Printing Australia
Note Printing Australia is responsible for the manufacture of Australia's currency notes and a range of other security products for domestic and overseas markets. It is a Division of the Bank but operates as a separate business enterprise with its own Board and management.
A wide-ranging program of restructuring at NPA's production facilities at Craigieburn, Victoria over the past few years has substantially improved productivity and efficiency. A total of 533 million notes were delivered to the Reserve Bank in 1991/92 – a 20 per cent increase on the previous year – at markedly lower unit costs. Production costs are now comparable with those of similar note printers overseas. This has been reflected in NPA's ability to win contracts to supply currency notes to a number of countries, and to supply other security products within Australia.
The notes produced in 1991/92 included 100 million of the new series $5 notes printed on polymer substrate. The issue of this note opens the way for NPA to pursue marketing opportunities related to aspects of the polymer note technology.
In addition to opportunities in the note printing field, other possibilities for development include improvements in ink technology, printing methods, plate-making and security devices.
The restructuring of NPA's operations is now virtually complete. The substantial improvements achieved in productivity and quality in large part reflected the high degree of consultation and cooperation carried out between management and the Joint Union Working Group, which represented staff. The Joint Union/Management Consultative Committee was successful in negotiating a productivity payment scheme, under the enterprise bargaining principle, which recognised the important role all staff play in working together for ongoing productivity improvements. The scheme provided for a payment tied directly to the delivered cost of product.
As part of its mission to build an efficient business enterprise, NPA's philosophy is “to provide a safe and environmentally responsible work place”. To this end two industrial audits were commissioned covering operational safety and environmental performance. These audits have initiated a program of work designed to ensure compliance with statutory requirements.
The Exhibition and Display Gallery at NPA's Craigieburn plant has a range of exhibits covering the design and printing of Australia's currency notes. It also provides an opportunity for visitors to see notes in production; during the year, 17,800 people visited the Gallery. As part of the Gallery's numismatic activities, a special limited issue product celebrating the 25th anniversary of the issue of decimal currency was developed and successfully marketed. Sales of these products were very successful. In addition, a special product was developed to commemorate the launch of the new $5 plastic note issued to the general public on 7 July 1992.
The Board of NPA, which is accountable to the Board of the Bank, is chaired by Mr M.J. Phillips, recently retired Deputy Governor of the Bank. Other members are Mr J.N. Davenport, a member of the Board of the Bank and Mr F.M. Bethwaite, Deputy Managing Director, Renison Goldfields Consolidated Ltd.