Asset management in the New Zealand water industry is undergoing significant changes, most recently through the introduction of Section 101 of the Local Government Act. By comparison the electricity sector has undergone 20 years of liberalisation and maturing of regulation – this has seen a profound change in many aspects of the industry, not least asset management. These two industries have remarkable similarities in many respects across the supply chain. In this paper we compare and contrast the New Zealand electricity and water sectors in terms of asset management practices and infrastructure outcomes. Through case studies across the two sectors we identify and examine where sector specific learnings can provide advantages to the other. In particular we consider the sector approaches to the incorporation of risk management into asset life cycle and broader asset management, and the potential evolution of future technology and consumption behaviours.