I'm a local, though I'm not necessarily the best person to ask as I'm in a niche area in industrial construction. But I'll try to answer some questions, most are just observations as a local rather than direct experience.
The checks and balances within the construction industry and even within structural design does seem to be less comprehensive than other comparable countries. Third party checks aren't generally required and if they are done they are paid for and chosen by those with a vested interest in having it pass. This applies to design checks and to construction inspections. So the entire system is open to cheating or outright corruption. In many cases we are just left with ethics and potential liability to keep things from falling over.
That said outside of residential construction things don't seem too bad. In general our infrastructure/commercial and industrial construction is generally reasonably well built and maintained. My observations are that we spend more money and time in construction and maintenance of public infrastructure than the US. Though we do probably overspend, but talk to the unions and politicians about that.
Residential is where many of the problems lie. There has been a race to the bottom in terms of construction costs, though this has mostly affected non structural aspects. Our stand alone dwellings are often cheaply and poorly built compared to say the EU though probably better than some parts of the US where everything seems to be a glue on façade. Fittings in our medium to large residential builds often suffer too from cost cutting.
On the structural side; For stand alone residential there have been a litany of issues in some areas regarding cheap foundations on reactive clay. For medium to high rise constructions there have been a few high profile cases of serious structural defects particularly in the state of NSW. One of the worst is
this one where owners have lost almost everything.
Due to a rising number of these incidents the state government of NSW is probably going to get more involved and put more scrutiny on things, but that will all take time. For the reported case at the top of the thread occupation would likely have gone ahead but for a whistle blower going to the media which prompted the government to act.