As we approach the end of the financial year (EOFY), many Australian businesses turn their attention to financial reports, tax obligations, and planning for the year ahead. However, it’s also a critical time to sharpen focus on workplace health and safety. EOFY provides a natural checkpoint to assess your current safety systems, set new objectives, and allocate resources effectively.
Stop ticking compliance boxes and start contributing to long-term business resilience and profitability.
The Strategic Value of EOFY Safety Audits
EOFY 2025 represent an ideal opportunity to conduct formal safety audits and reviews. These provide a proven method to evaluate the effectiveness of your Safety Management System and ensure compliance with relevant WHS legislation and industry standards.
Before diving into the numbers, businesses should consider how well their safety practices are protecting workers, controlling risks, and aligning with strategic goals. Audits at this time of year can uncover gaps before they become costly incidents or liabilities, and they offer fresh insights that inform the upcoming year’s safety strategy.
Advantages of conducting EOFY safety audits
A comprehensive Health & Safety Audit can help you identify strengths and opportunities to improve your safety management system. Taking proactive steps to review how well your workplace is being managed will support adherence to legal requirements and continuous improvement. Here is how our consultants can positively impact your organisation:
- Compliance assurance: Verify adherence to current WHS laws and codes of practice to avoid fines and regulatory action.
- Evidence for due diligence: Demonstrate that Officers and PCBUs are actively managing their primary duty of care.
- Risk identification: Discover overlooked hazards or changes in the workplace that may introduce new risks.
- Data-driven improvement: Use audit findings to set meaningful WHS KPIs and track progress year-on-year.
- Prepare for a Certification: Plan ahead and prepare to apply for a relevant industry certification, such as ISO 45001.
Budgeting for Safety: Smart Investment, Not a Cost
EOFY is budget season, which makes it the perfect moment to advocate for safety funding. Rather than viewing WHS spending as a compliance cost, consider it a strategic investment. Prevention is always more cost-effective than responding to an incident, financially and reputationally. Here are the four buckets for your smart investment:
- Prevention initiatives: Fund proactive controls like ergonomic assessments, mental health programs, or maintenance schedules.
- Technology investment: Allocate funds for a reliable safety software. Safety Champion Software is designed to boost efficiency and is implemented by Safety Professionals.
- Resource planning: Justify additional personnel, such as a dedicated HSR or part-time safety advisor, to meet growth needs.
- Continuous improvement: Reserve budget for annual reviews, certifications, or gap-closure projects.
Pro tip: Aligning your WHS plans with budgeting cycles can secure the resources needed to implement improvements, training programs, and technology upgrades such as Safety Champion Software that support a safer workplace and reduce long-term liability.
Efficiency and Profitability: The WHS Advantage
A safe workplace is a productive one. This EOFY provides a time to reflect on how well your current safety systems are contributing to operational efficiency. When safety is prioritised, absenteeism drops, injury claims decrease, and teams are more engaged, impacting the bottom line.
This is also when many businesses reassess operational performance. Including safety metrics in this review helps highlight inefficiencies caused by poor WHS practices and sets the stage for corrective action in the new financial year. To help your business drive profitability, you can focus on these efficiencies:
- Reduced injury downtime: Fewer incidents mean fewer disruptions to work and projects.
- Lower insurance premiums: Improved safety records can lead to reduced workers’ compensation premiums.
- Stronger reputation: A proactive safety culture builds trust with clients, contractors, and employees.
- Retention and morale: Workers who feel safe are more likely to stay, reducing recruitment and training costs.
Wrapping up 2025
EOFY isn’t just a financial milestone; it’s a pivotal moment to review the health of your organisation, including its safety culture. Building WHS into your end-of-year wrap-up ensures your business enters the new financial year protected against risk.
Whether you’re an SME or work for an enterprise, EOFY safety audits, reviews, and budget planning can help align your WHS strategy with your business goals, leading to safer people, better performance, and sustained profitability.
If you haven’t already, book your annual safety review or audit and contact one of our experienced consultants.
