Asset management is critical to the long-term financial sustainability of the local government sector. Without full knowledge of the type, performance, cost, and age of their assets, councils are limited in their ability to make fully informed decisions about their asset renewal, maintenance and replacement.
As at 30 June 2017, councils were responsible for $87 billion worth of infrastructure assets, including roads and bridges, buildings, water supply and sewerage networks, and stormwater drainage. At that time, only 43 per cent of Queensland councils had up-to- date asset management plans.
During 2016–17, the local government sector spent $1.4 billion on the renewal of infrastructure assets. It is important that councils implement and practise sound asset management principles, so they can provide the best level of service to their communities.