The department manages departmental and administered property, land and equipment and intangible assets with a net book value of $2,438 million (2015–16: $2,320.2 million). Administered assets of $2,336.2 million (2015–16: $2,223.8 million) primarily relate to Parliament House, incorporating the building, land and cultural assets. Departmental assets of $101.8 million (2015–16: $96.4 million) primarily relate to information technology, software and furniture and equipment.

The department manages asset replacements through an annual capital management plan. The department monitors the management of this capital management plan on a regular basis to ensure that the planned expenditure reflects the department’s business requirements.

The department undertakes annual stocktakes, 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 by the ANAO as part of its assessment of the annual financial statements.