Asset management

The department is responsible for the management of assets with a gross book value of more than $1 billion. The most significant asset classes are infrastructure, plant and equipment, land and buildings and intangible assets (software).

The increase in value over the 2006–07 financial year is primarily due to:

• the completion and transfer from the Department of Finance and Deregulation of the Christmas Island Immigration Detention Centre
• continued delivery of the Systems for People program.

The department prepares an annual capital plan reflecting government priorities and ongoing business requirements, ensuring compliance with the government's financial management framework. Asset acquisitions and disposals are monitored against this plan on a monthly basis.

All assets owned by the department are subject to an annual stocktake. This process is used to update and verify the accuracy of asset records as well as an opportunity to review the condition and ongoing utility of the assets held. Depreciation rates, useful lives, residual values and methods are reviewed each year, and are considered by the Australian National Audit Office in forming an overall opinion on the financial statements of the department.

Assets, including those leased under contract from our various service providers, are maintained through specific maintenance programs.

Additional information on the value, acquisition and disposal of assets can be found in the financial statements in this report.