Sustaining Our Assets - Government asset management policy statement

Overview

Sustaining Our Assets (2000) was superseded as the Government’s current overarching asset management policy by the Asset Management Accountability Framework in February 2016.


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.

Sustaining Our Assets - Government asset management policy statement (PDF 409kb)

Sustaining Our Assets - Government asset management policy statement (DOCX 301kb)