Asset Management Policy
In 2000, the State Government released its policy aimed at maintaining a flexible portfolio of assets to enable services to be delivered effectively to the community and provide a foundation for economic growth.
Sustaining Our Assets builds on existing asset management practice, and specifically places increased emphasis on four main features:
- 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.
- Life cycle approach to asset management. This approach 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.
- Integrated approach to asset management and service delivery, across all assets and all governmental departments and agencies. This means 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.
- Increased emphasis on accountability for asset investment. This in turn requires greater transparency and quality in reporting arrangements.
Sustaining Our Assets - Government Asset Management Policy Statement (764 kb PDF)
Guidance for Implementing the Policy - Asset Management Series
Supporting this policy is a series of principles for asset management entitled the
Asset Management Series.
The three-part Asset Management Series was produced to help Victoria's public sector financial managers and asset managers become more aware of their responsibilities and of the information networks that they can use for help.
The Asset Management Series is available from this website 
