From the 2005-06 reporting period, the management of assets will need to be in accordance with the Australian Equivalents of International Reporting Standards (AEIFRS). A significant requirement of AEIFRS is that make-good and site restoration costs against the value of an asset are recognised. An exercise to value the make-good component of Bureau premises and instrumental sites was undertaken during the year in preparation for the change over to the AEIFRS.

Other significant asset management initiatives undertaken during the year included:

• the revaluing of key asset classes on a Fair Value basis;
• a stock take of Head Office and South Australia Regional Office assets;
• a progressive update of the location of assets in the Asset Register; and
• the commissioning of $50m in assets under construction.

Property resource and leasehold management in 2004-05 involved civil works and fit-out programs required to provide adequate and energy-efficient operational environments, improvements to staff accommodation and security, ongoing rationalisation of national property assets and continued refinement of property asset management and reporting systems.

A major project during the year was the continuing fit-out of the Bureau's new accommodation at 700 Collins St, after the formal relocation in August. The construction of the wintergarden areas and management of the ongoing process of defect rectification constituted the majority of the work.

Other property and leasehold activities progressed during the year included:

• the construction of a new meteorological field office at Cobar (New South Wales);
• the installation of new meteorological radar facilities at Gladstone (Queensland), Port Hedland (Western Australia) and Tennant Creek (Northern Territory);
• site preparation for the introduction of a wind profiler radar at Canberra Airport; and
• the construction of a new Doppler meteorological radar facility at Buckland Park (South Australia).