The Work Healthy and Safety Act 2011 requires a person conducting a business or undertaking to eliminate or minimise health and safety risks so far as is ‘reasonably practicable’. What is ‘reasonably practicable’ will be different for each organisation and depends on:
the likelihood of the hazard or risk occurring
how much harm will result from the hazard or risk
what you know, or ought reasonably to know, about the hazard or risk and how to eliminate or minimise it
the availability and suitability of ways to eliminate or minimise the risk
the cost and whether it is grossly disproportionate to the risk.
This guide from Safe Work Australia provides practical advice on how to determine what actions are reasonably practicable for your organisation.