Comprehensive asset management is particularly important for information and communications technology (ICT) given its relatively short life span, the rapid rate of obsolescence and the critical role that ICT plays in frontline service delivery.
Information and communications technology (ICT) is an umbrella term for hardware, software, network infrastructure, and supporting equipment.
ICT is increasingly important in the delivery of services across the public sector and is pivotal to frontline service delivery, such as school education and law enforcement.
Frontline information and communications technology (ICT) includes the hardware, software, and supporting network infrastructure that helps public sector agencies achieve organisational objectives and deliver services. Today, the public sector would be unable to function effectively without ICT.
Due to the very high tempo of innovation and subsequent refresh rate of technology assets, when compared to other types of assets, frontline ICT assets can quickly become obsolete if they are not carefully managed on a life cycle basis.
Ordered to be printed
VICTORIAN GOVERNMENT PRINTER June 2012
PP No 142, Session 2010–12
In accordance with section 16(3) of the Audit Act 1994 a copy of this report was provided to the Department of Justice, the Legal Services Board and the Department of Treasury and Finance with a request for submissions or comments.
The submission and comments provided are not subject to audit nor the evidentiary standards required to reach an audit conclusion. Responsibility for the accuracy, fairness and balance of those comments rests solely with the agency head.
Responses were received as follows:
| CAV | Consumer Affairs Victoria |
| DOJ | Department of Justice |
| DTF | Department of Treasury and Finance |
| LSB | Legal Services Board |
| PPF | Public Purpose Fund |
| TCV | Treasury Corporation of Victoria |
| VCAT | Victorian Civil and Administrative Tribunal |
| VFMC | Victorian Funds Management Corporation |
| VPF | Victorian Property Fund |
The Centralised Treasury and Investment Policy was introduced in June 2009. With limited exclusions, it requires all borrowings and investments of public money to be made with either the Treasury Corporation of Victoria or the Victorian Funds Management Corporation (VFMC).
The Public Purpose Fund (PPF) provides funding to regulate the legal profession, finance legal aid and fulfil a number of other public purposes such as legal education and law reform. It is managed by the Legal Services Board (LSB), an independent statutory body within the Justice portfolio.
The Victorian Property Fund (VPF) is used to regulate estate agents and conveyancers and to compensate defrauded consumers. Any money that is surplus to the fund's needs may be invested or used to provide grants for a number of purposes allowed under the Estate Agents Act 1980.