Revaluations of non-financial assets

"A revaluation of land at Government House and Admiralty House was conducted as at 30 June 2020 by an independent valuer, Jones Lang LaSalle Australia Pty Limited, in accordance with the revaluation policy stated at Note 5.

The impact of COVID-19 has presented uncertainty in the property and asset markets, whereby the value assessed may change significantly and unexpectedly over a relatively short period of time. However, the current successful containment of COVID-19 has placed NSW and ACT in an advantageous position and plans for continued easing of restrictions are expected to translate to a shallower downturn than originally forecast. With over-supply risk remaining low in Australia together with Government stimulus and construction subsidy initiated, these factors are expected to assist the market over the short term into the early 2021.

In view of the above market conditions and with sentiment towards the health crisis improving, management is of the opinion that the movement in land asset values since the valuation date does not represent a material change to the assets held by the Office.

Contractual commitments for the acquisition of property, plant, equipment and intangible assets

Contractual commitments relating to non-financial assets amounted to $2,562,293 (2019: $1,095,669) GST inclusive.

Buildings

Capital improvements to the Office's official establishments are undertaken from the Office’s Administered Capital Budget.