'Penalty unit' is defined in section 4AA of the Crimes Act 1914.
Penalty units are used to describe the amount payable for fines under commonwealth laws, including under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
Fines are calculated by multiplying the value of one penalty unit by the number of penalty units prescribed for the offence.
Penalty units are reviewed every three years. The next review is due in late 2018.