Imposition of $11,000 civil penalty on Liberty Holdings Australia Limited
28 June 2024
On 14 June 2024, SIRA imposed a civil penalty of $11,000 on Liberty Holdings Australia Limited (Liberty) for breaching regulatory obligations under the Workers Compensation Act 1987.
The breach occurred when Liberty failed to submit its audited financial statements for the financial year ending 30 June 2023, as required by its NSW workers compensation license conditions.
Despite reminders and extensions provided by SIRA, Liberty did not meet the submission deadline of 31 October 2023.
SIRA determined that imposing a civil penalty of $11,000 was appropriate under section 183A of the Act.
This penalty was set based on factors including Liberty's status as an established self-insurer and the seriousness of the compliance failure.
Liberty has made payment to SIRA for the penalty amount on 20 June 2024.
SIRA will continue monitoring Liberty's compliance closely and expects the company to maintain robust controls to meet its regulatory obligations.
This enforcement action underscores SIRA's commitment to upholding regulatory standards and ensuring responsible conduct among licensed entities under its oversight.