The department manages departmental and administered property, land and equipment, and intangible assets, with a value of $2,690.5 million (2017–18: $2,569.7 million). Administered assets of $2,595.4 million (2017–18: $2,473.2 million) primarily relate to Parliament House, incorporating the building, land and cultural assets. Departmental assets of $95.1 million (2017–18: $96.5 million) primarily relate to information technology, software and furniture and equipment.

The department’s managed assets are replaced through an annual capital management plan. The department monitors delivery of the capital management plan on a regular basis to ensure that the planned expenditure reflects the department’s business requirements.

The department undertakes annual stocktake, impairment and revaluation reviews which are used to update and verify the accuracy of asset records and to review the condition and ongoing utility of assets. The outcomes of the reviews are considered as part of assurance of the annual financial statements.