Regional Asset Management - February 2016

Asset Management (AM) is intricately connected to all the infrastructure categories that have been mentioned in the IA Report. Of note are the references that the IA Report makes to the funding process and how it should be linked to the costs of operation, maintenance, renewal and disposal of assets:

• “The majority of infrastructure that Australians will use in the next 15 years (and indeed the next 50 years) has already been built, but this infrastructure will require substantial additional funding for maintenance, renewal and upgrade as population and usage grows.” (IA Report, page 80)
• “Delivering more and better infrastructure to support a growing and changing economy will require more funding, and better use of that funding. The funding task extends beyond the substantial capital investments associated with new infrastructure, to include the costs of operation, maintenance, renewal and disposal.” (IA Report, page 76)

The Infrastructure Technical Committees have been proactive in continually developing the region’s capabilities in asset management and in state and federal funding processes. The February workshops conducted by the QTC and IPWEA had over fifty attendees.

At our next regional meeting we have been fortunate enough to secure Charles Strickland (QLD Audit Office, Director) and Chantelle Hanna (QLD Audit Office, Acting Audit Manager) to provide the QAO’s perspective on the implications of Australian Accounting Standards Board (AASB) Definition of Residual Value.