The department manages departmental and administered property, land and equipment
and intangible assets with a value of $2,569.7 million (2016–17: $2,438
million). Administered assets of $2,473.2 million (2016–17: $2,336.2 million)
primarily relate to Parliament House, incorporating the building, land and
cultural assets. Departmental assets of $96.5 million (2016–17: $101.8 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.