The Victorian Government owns about $400 billion of land and infrastructure. This includes public transport, schools and hospitals. When community needs change or infrastructure ages, building new infrastructure is not the only answer. The government can also upgrade existing infrastructure, maintain it better or change how people use it. This process is known as asset management. 

This report examines how Victorian Government agencies manage public infrastructure. It also looks at how they could improve. Good asset management avoids unexpected breakdowns and helps deliver reliable services for Victorians. The report makes one recommendation. It estimates improving government asset management will cost $150 million to $250 million over five years. That is about 0.05% of the value of government land and infrastructure. 

Key findings

• Many Victorian Government departments do not know enough about the condition or performance of their infrastructure assets.
• Government should strengthen asset management practices across all agencies and support asset managers to better manage infrastructure.
• Better asset data can reduce risk and help government to make the most of its infrastructure investments. 

Recommendation

• Improve asset management of all government infrastructure. Fund asset managers to better understand the condition, use and performance standards of all government infrastructure. Use this information to develop asset management strategies and prioritise funding.