Infrastructure asset management involves a comprehensive approach to ensure the longevity, efficiency and sustainability of built infrastructure and services. It requires a systematic and coordinated set of activities to deliver cost effective outcomes for the life cycle management of assets. The main goal is to meet the required level of service, in the most effective manner, through the management of assets for present and future generations.
According to the National state of Asset Report 2024, the replacement cost of local government infrastructure assets excluding land, plant and equipment is $665bn.
Australia has experienced catastrophic infrastructure failures due to natural disasters, aging assets and underinvestment in maintenance. These failures have a widespread impact on essential services and highlight the need for resilient infrastructure. Climate resilience needs to be incorporated into long tern asset management and financial plans.
Defining asset management, understanding the requirements, taking a lifecycle management approach and then using the right asset management enablers assists an organization to create a system which can be improved on a continuous basis. Maintenance of built assets is an integral part of asset management. It requires strategic planning, effective maintenance strategies, proper systems for collecting data for an asset inventory and an increased focus on sustainability and innovation.
This presentation will highlight how national local government specification documentation can assist in the following: