Asset Management Assurance
An initiative to optimise the management, performance and use of the State’s assets
A consistent and improved approach to asset planning and delivery is required across Government. This approach will need to be underpinned by the consideration of asset life cycle costs, performance, risk, and economic modelling to support the strategic priorities of the NSW Government. Working in collaboration with Government agencies, Infrastructure NSW is leading asset management reform across the state to optimise the management, performance, and use of the State’s assets. This need was highlighted as a strategic objective in the State Infrastructure Strategy 2018-2038 and 2022-42.
The Asset Management Policy for the NSW Public Sector (TPP 19-07) has been published as a Treasury Policy and Guidelines Paper.
The objective of the Asset Management Policy is to achieve a consistent and improved approach to asset planning and delivery across Government, based on current industry asset management standards and approaches. This is critical given the significant increase to the State’s asset portfolio, which in addition to the age profile of existing infrastructure, population growth, climate change, and increased prevalence of extreme weather events, will place considerable pressure on the operations and maintenance of assets.
The NSW Asset Management Policy includes assurance requirements designed to give NSW Government and Cabinet confidence that the policy is being effectively implemented and that its objectives are being achieved.
Through the Asset Management Assurance process, Infrastructure NSW provides independent advice and reporting to agencies, NSW Government and Cabinet. The independent advice seeks to proactively contribute to the NSW Asset Management Policy’s aim of driving better asset management through strengthening accountability, performance, and capability across the public sector.
Building and sustaining a level of asset management capability is necessary to allow agencies to:
- increase the level of asset management maturity of NSW public sector agencies in line with accepted industry standards to be able to manage the State’s growing asset base
- demonstrate and increase triple-bottom-line benefits of current assets through better asset management and planning
- decrease lifecycle operating costs through risk-based preventative and predictive maintenance regimes
- increase return on assets through improving commercial value and performance of asset
- prospectively identify the optimal asset maintenance regime and any upfront expenditure required with consideration to criticality and economic outcomes.
This section contains a list of useful links to organisations and/or websites that can provide more information on asset management.