It is widely acknowledged nowadays that the most effective way for an enterprise to build value is through asset management. Its principles are far-reaching and its benefits extend into all sectors and disciplines, from large engineering assets to art galleries, transport to defence, public parks to energy, and buildings to data.
The state governments of NSW and Victoria have published directives and guidelines for those working in asset management within the public sector.
The NSW government published the Asset Management Policy to drive and strengthen asset management through accountability, performance and capability across the sector. Please click here to be taken to the relevant webpage.
Infrastructure NSW have released a template for Strategic Asset Management Plan (SAMP).
In Victoria, the Asset Management Accountability Framework (AMAF) provides guidance into compliance and capability for agencies responsible for publicly owned assets. In addition, the AMAF details mandatory asset management requirements across the four key stages of an asset’s lifecycle:
- Operation and Maintenance
Each government department is responsible for its own asset management plan and strategy. Any further information, including guidance on implementation and asset management maturity assessments relating to the AMAF can be accessed here.
The Standing Directions 2018, under the Financial Management Act 1994 (FMA) sets the standard for financial management by Victorian Government agencies. In February 2021, the FMA underwent revisions to incorporate significant modernisation to financial management regime and operations.
Connect with our Government Communities of Practice Special Interest Group for networking opportunities and events targeted towards asset management strategies in government infrastructure and publicly owned assets.
Become a member of the Asset Management Council today! You’ll receive immediate benefits, such as CDP points, free access to our database of technical papers and our informative webinar series, reduced rates at our events and conferences, and much more. Learn more about membership rates by clicking here.