Managing our assets

The Department holds financial and non-financial assets. Financial assets include cash and receivables, which are subject to internal controls and reconciliations.

Non-financial assets are held for operational purposes and include computing software and hardware, building fit-out, furniture and fittings. Decisions about whole-of-life asset management are undertaken in the context of the broader Department’s strategic planning to ensure that investment in assets supports cost-effective achievement of the Department’s objectives.

Effective management of the Department’s capital budgets is achieved by:

• including whole-of-life consideration in proposals for capital expenditures;
• whole-of-Department prioritisation of capital projects and major purchases by the Department’s Investment Board;
• undertaking regular stocktakes of physical assets; and
• annually reviewing assets for indications of impairment and changes in expected useful lives.