The crucial role of public sector valuers in policy, equity and compliance

In the complex world of government asset management, the role of public sector valuers extends far beyond assessing the worth of an asset. They influence policy, support compliance, and safeguard the equitable allocation of public resources.

For Ty Noble, Senior Director of JLL’s Public Sector Valuations team, it comes down to three guiding principles: independence, innovation and efficiency.

“What we do has to be defensible at any level,” says Noble. “It’s about ensuring governments make informed decisions, comply with evolving standards, and ultimately spend taxpayers’ money appropriately.”

A significant part of JLL’s public sector work involves interpreting complex valuation and accounting standards to provide evidence-based advice. One example is the recent amendment to the fair value standard (AASB 2022/10). JLL’s interpretation of the change has helped clients understand its real-world impact - increasing the land asset class for Commonwealth entities by 5% - 20%.

“With more than 80% of the Commonwealth receiving the same consistent advice, it creates a level of comfort and standardisation across departments,” Noble explains. “That consistency strengthens the Commonwealth’s financial statements and the decisions they’re built on.”

JLL’s team also works closely with standard setters and the Department of Finance, helping shape and implement guidance so that compliance is clear, consistent and achievable.

Public sector valuers play an essential role in determining the highest and best use of Government owned assets - including Commonwealth-owned land, that often lacks formal zoning.

“It’s about protecting all levels of Government and assisting them in making the right decisions,” says Noble. “Our independence allows us to deliver advice that decision makers can rely on, even when the findings aren’t what they expected.”

This independence has helped prevent costly errors, ensured transparency, and provided decision makers with the confidence to move forward on critical projects.

JLL is integrating technologies to bring greater speed, accuracy and transparency to public sector valuations.

A new on-site data collection tool is being rolled out to standardise the way valuers capture information, whether assessing a defence site with hundreds of buildings or a large plant & equipment asset portfolio. The team also uses ESRI for real-time data capture, enabling multiple valuers to collect and verify information simultaneously.

“It’s powerful to see data flow in live from the field, layered with details on land, infrastructure, buildings and equipment,” Noble notes. This approach is particularly valuable for large-scale plant and equipment valuations – that may involve 30,000 land & building assets to 220,000 or more individual plant & equipment assets.

Many valuers shy away from engaging with auditors, but Noble sees it differently: “Audit is integral to what we do. It’s a chance to learn what they’re looking for and refine our reporting to meet their expectations and that of our clients.”

By building open relationships with audit offices and conducting valuation specific audit training, JLL ensures reports are concise, relevant and defensible, avoiding wasted effort and focusing on what matters most for compliance.

Valuations for Public sector and not-for-profit entities is a niche but rewarding field and one that offers variety unlike any other.

“One day you might be valuing a school, the next a multi-role fighter jet or the contents of Australia’s largest museum,” says Noble. “You see parts of Australia most people never will.”

“Our job is to give decision makers the confidence that what they’re doing is right - for the asset, for compliance, and for the public. That’s the value we bring,” Noble concludes.

For more information about how JLL’s values Australia’s single largest asset portfolio, see here: https://www.jll.com/en-au/client-stories/valuing-australias-single-largest-asset-portfolio