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Non-Financial Assets


The total value of non-financial assets remained steady at $6.6 billion with no adjustments required from the material review of the fair value of heritage and cultural assets and Land and Buildings and minimal changes to Property Plant and Equipment following a full revaluation in 2020–21.

Heritage and cultural assets

Heritage and cultural assets include the national collection of works of art and the research library and archives collection. In 2020–21, JLL Public Sector Valuations Pty Ltd undertook a material review of both collections and independently determined that there was no material change to the valuation undertaken in 2019–20.

The National Gallery continues to attract private support for the development of the national collection, receiving $4.2 million in cash donations to assist with purchases and gifts of works of art valued at $9.6 million.

Land, building, infrastructure, plant and equipment
In 2020–21, JLL Public Sector Valuations Pty Ltd undertook a material review of the Gallery’s land and buildings and independently determined that there was no material change from the fair value determined through the full valuation undertaken in 2019–20.

Plant and equipment were subject to a full valuation in 2020–21 with a revaluation increase of $0.6 million processed. Plant and equipment is valued at $4.8 million.