Asset Management Policy

Sustaining Our Assets (2000) is the Government’s current overarching asset management policy.

It sets out the Government’s directives on how its departments and agencies should undertake the management of assets to enable service delivery objectives to be met effectively and to provide a foundation for economic growth.

Its purpose is to advance the management of assets and better integrate assets and service provision.

Sustaining Our Assets (2000) specifically places increased emphasis on four main features:

1. service delivery needs - regarded as the basis of all asset management decisions. Service delivery needs address the social, environmental and economic needs of all Victorians.
2. lifecycle approach to asset management - evaluates operating and maintenance requirements, and the implications of eventual replacement or retirement of assets, during acquisition decision making. The planning process also includes evaluation of non-asset alternatives for the delivery of services to Victorians.
3. integrated approach to asset management and service delivery, across all assets and all governmental departments and agencies - looking beyond stewardship of individual assets, and examining the total asset base during decision making. It also means achieving balance across government portfolios to optimise investment outcomes.
4. increased emphasis on accountability for asset investment - requires greater transparency and quality in reporting arrangements.

Guidance for implementing the policy – Asset Management Series

1. Asset Management Principles Part 1 (63kb PDF) - describes the purpose and fundamental principles of effective asset management in public sector agencies, and provides a strategic framework through which these can be effectively implemented.
2. Asset Management Policies and Practices Part 2 (173 kb PDF) - sets out the policies and practices for asset management that apply to all Victorian Government departments and agencies wholly or partly funded through the State budget. It provides assistance for asset managers to interpret policy requirements in the light of their particular situation. It was developed in line with the principles and key activities set out in Part 1 and in the context of applicable legislation and policy.
3. Asset Management Catalogue of Reference Part 3 (3,500 kb PDF) - details some of the relevant documentation that currently exists on asset management in both the public and private sectors.