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Asset Management
Departmental assets
The Department manages both current and non-current assets in accordance with guidelines set out in the Chief Executive Instructions and Australian Accounting Standards.
Artbank
Artbank's assets are predominantly artworks, consisting of more than 9400 works valued at $26.7 million. Artbank operates from leased premises in Sydney and Melbourne.
As part of the national art rental scheme, more than 60 per cent of Artbank's collection is on display with clients throughout Australia and overseas at Australian embassies and high commissions. The Artbank collection is managed through an ongoing conservation strategy.
National Portrait Gallery
The National Portrait Gallery, which is located within Old Parliament House and has a temporary display facility at Commonwealth Place in Canberra, has a permanent collection valued at approximately $14.7 million. The collection is housed on the Old Parliament House site and items not on display are stored in climate and humidity controlled facilities.
Other assets
The Department has leasehold improvements and furniture and fittings valued at $7.2 million.
The Department also has software and computer and office equipment valued at $6.6 million. These assets are managed in accordance with the Department's Information and Communications Technology Strategic Plan 2006–08.
Administered assets
Old Parliament House
Asset management is integral to the operation of Old Parliament House. The building is valued at $51 million, with a replacement cost, as at 30 June 2006, of $142.5 million. It has a significant collection of furniture associated with the building's history valued at $4.1 million and mostly housed on-site.
Because Old Parliament House is on both the Commonwealth Heritage List and National Heritage List, it is conserved according to the Environment Protection and Biodiversity Conservation Act 1999. Specific policies and strategies are outlined in the Old Parliament House Conservation Plan 2000 and specific heritage studies are undertaken for major projects. These ensure that the heritage value of the building is preserved, even though the public can enter and use the site. Old Parliament House is also being refurbished and maintained in accordance with its long-term capital works plan.
National Institute of Dramatic Arts
The National Institute of Dramatic Arts' facilities are owned by the Commonwealth. Stage 1, completed in 1988, has two theatres, five rehearsal rooms, costume and property workshops, teaching spaces and administration offices. Stage 2, an award-winning building funded under the Federation Fund and opened by the Prime Minister in October 2001, includes a 730-seat theatre, 120-seat studio, soundstage, library, scenery workshop and four additional rehearsal rooms. The building is valued at $35.6 million, with a replacement cost of $64.4 million, as at 30 June 2006. The institute manages the building on the Government's behalf and a 10-year asset management plan for the site was completed in December 2003.