Introduction to Total Asset Management (TAM)

Total Asset Management (TAM) Policy was introduced to achieve better planning and management of the State’s physical assets, both existing and planned. Physical assets are items such as land, buildings, information technology, infrastructure, collections, equipment or fleet, owned or controlled by an agency as a result of past transactions or events, providing future economic benefits and having a definite business function or supporting the delivery of services.

TAM is a strategic approach to physical asset planning and management, including major infrastructure. It provides a structured and systematic approach by which an agency can align its asset planning and management practices with its service delivery priorities and strategies, within the limits of resources available. This is essential if services are to be delivered efficiently and effectively over the long term.

TAM is an integral part of NSW Treasury’s Budget process, which focuses on agencies’ results and service delivery performance. An agency’s asset response to its service delivery needs as reflected in its Results and Services Plan (RSP), Statement of Corporate Intent or Statement of Business Intent, is defined in its TAM submission.  An agency’s TAM submission is also used in the development of the State 10 year Infrastructure Strategy.

TAM Policy applies to all government departments, statutory authorities, trusts and other government entities.