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| You are currently viewing: Contents > Performance Reporting > Outcome 4 > Output 4.1: Quality and quantity information | |
Output 4.1: Quality and quantity information
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Quality indicators
- Portfolio condition to be maintained to industry standards.
- Tenant satisfaction to be reviewed by annual survey.
Quantity indicators
- Return on investment to be compared with external industry benchmarks and the agreed annual requirement as determined each year.
- Management expense ratio to be consistent with external industry benchmarks.
- Pay agreed annual dividends to Government.
- Return equity (for 2001-02) of $23 million from proceeds of divestment program.
Portfolio condition
Our model for measuring and monitoring the physical
condition of the owned overseas property portfolio rated the estate overall as
being in satisfactory condition out of a four-point range-unsatisfactory,
poor, satisfactory, good.
The ratings for age, functionality and structure were good. For expenditure on maintenance and repairs the rating was poor, and for compliance with safety and storage codes the rating was unsatisfactory.
Tenant satisfaction
Tenant surveys on property management issues-focusing on
services provided through the department's overseas property management
alliance with PricewaterhouseCoopers-were completed in December 2001 and in
June 2002 (see output 4.2 for further detail).
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Quantity information for output 4.1
Return on investment
The return on investment was 5.01 per cent for the owned
overseas estate, compared to an external industry benchmark range of between 8
and 9.8 per cent. Stagnant markets in major international locations,
particularly London and Tokyo, caused the shortfall. The agreed annual target
for 2001-02, 8.1 per cent, applied to the combined domestic and overseas
Commonwealth property portfolio. There was no separate figure for the owned
estate, but there will be in 2002-03.
Management expense ratio
The management expense ratio was 0.73 per cent, which was
consistent with external industry benchmarks.
Annual dividends
The department paid to the Commonwealth an agreed dividend
of $88 million relating to the overseas portfolio for the financial year.
Returned equity
The department returned to the Commonwealth $21.6 million representing the
net proceeds from overseas property divestment activities.
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