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Asset management

The department manages departmental and administered property, land and equipment, and intangible assets, with a value of $2,748.6 million (2018–19: $2,690.5 million). Administered assets of $2,657.4 million (2018–19: $2,595.4 million) primarily relate to Parliament House, incorporating the building, land and cultural assets. Departmental assets of $91.2 million (2018–19: $95.1 million) primarily relate to information technology, software, furniture and equipment.

DPS’ managed assets are replaced through an annual capital management plan. DPS monitors delivery of the capital management plan on a regular basis to ensure that the planned expenditure reflects DPS’ business requirements.

DPS undertakes annual stocktakes, impairment and revaluation reviews which are used to update and verify the accuracy of asset records. Reviews are also undertaken on the condition and ongoing utility of assets. Review outcomes are considered as part of assurance of the annual financial statements.