Senator the Hon Mathias Cormann

The Government has formalised its approach to maximise the value of Commonwealth property leases with the finalisation of guidelines that will ensure that our property portfolio is appropriate to its expected needs and maximises value for taxpayers.

As announced on 11 May 2015, departments and agencies looking to enter a lease valued at over $2 million will now be required to follow the new lease endorsement process which ensures consideration at a whole-of-Government level. Previously individual agencies were responsible for managing their own large vacant leases.

For the first time, independent robust and thorough methodology will be used to assess potential leases. 

There will be a requirement to fill vacant surplus Commonwealth leased office space as a priority and ensuring the local impacts of potential Commonwealth leases are considered during the early stages of the lease endorsement process.

The Commonwealth Property Management Framework’s Resource Management Guide 504 is now available on the Department of Finance website.