The Story of Asset Management

It is difficult to overstate the importance of Dr Penny Burns with regard to Public Infrastructure in Australia. Prior to her work in the Engineering and Water Supply (E&WS) Department in South Australia, there had been the general assumption that assets could be acquired and that the maintenance of those assets could be left to future governments to address on a 'needs' basis - a typical cash accounting attitude that was only just giving way to the need for accrual accounting. Penny successfully challenged that assumption and her subsequent work for the South Australian Parliamentary Public Accounts Committee enabled a wide dissemination of both her views and the methodology she used to provide a 'whole of life' cost of an asset. She was so successful that when portfolios were being redistributed in 1992, I found myself appointed Minister of Public Infrastructure, the first such appointment in South Australian history. By a quirk of fate, the portfolio included the E&WS. Penny had moved to Tasmania by this time and was rapidly becoming the person to go to for asset management matters on both the national and international scene. Her book provides a fascinating insight into how a single person can influence the way we look at an existing concept through the lens of a different perspective; as well as providing a history of how such a new perspective can be developed. John Klunder Former Chairman, Public Accounts Committee of South Australia Former Minister, South Australia Dr. Penny Burns' wit and wisdom shine through with absorbing tales of her exploits in pioneering asset management. Part memoir, part manifesto, she entertains and enlightens readers with the inside story behind quantifying the true costs of public infrastructure, revealing the massive unseen burden facing people in the future. Tracing her journey challenging established methods and mindsets, Penny makes a compelling case for revolutionizing infrastructure planning with new ways of thinking. Her infectious enthusiasm for ideas makes this call to action a must-read. Lou Cripps Regional Transportation District, Denver, Colorado Co-author of Building an Asset Management Team The Story of Asset Management reminds us that we are all making trade-offs between what is urgent today versus what is important for tomorrow. Penny's personal story, entwined with years of curiosity, challenging norms, and seeking better, is shared in a simple yet profoundly powerful way. We are all asset managers at heart and Penny's term 'historical moral responsibility' empowers us to shape the future. Martin Kerr Director, Structured Change, Sydney, NSW Co-author, Living Asset Management Maturity