Each year Safe Work Australia releases data on work injury claims accepted by compensation bodies in each state and territory - and including NZ.
The latest report is available here and makes sobering reading (the Part 1 report).
In the various Australian schemes the rate of serious claims went down by 9% in the four years between 2013-14 and 2017-18, while it went up by 25% in New Zealand over the same period. (Serious claims are those in which the claimant is away from work for at least a week.)
In 2018-19 (for which data is provisional given some claims are yet to be accepted), there were 9.4 serious claims per 1000 workers in Australia compared to 15.8 in New Zealand.
Australia's H&S performance is clearly superior. Many Forum members will have worked in Australia. What can we learn and apply?
The Part 2 report (same link) answers your question about regulatory spending, at least in terms of regulator's resources. The ratio of inspectors across jurisdictions is roughly comparable.
I'm particularly interested in hearing from people with significant work experience in Australia: what have you noticed about their H&S practice or culture which stands out?