According to AASB $16$ Leases a right$-$of$-$use asset is required to be:

Depreciated over the underlying contract's life if there is no purchase option at the end of the lease.

Amortised over the lease term, adjusted for an expected residual value.

Depreciated based on the net present value of the lease payments.

Depreciated starting when the lessee makes the first lease payment.