The company behind Hobart’s Museum of Old and New Art (Mona) has been fined $198,000 over an alleged failure to lodge a financial report on time.
The Australian Securities and Investments Commission (ASIC) today named Downward Spiral Enterprises (Tas) Pty Ltd among 22 large private companies it fined over their 2025 financial year reports.
The company is owned by Mona founder David Walsh. It has paid the fine in full.
Together, the 22 companies paid more than $4.3 million. They include hospitality group Hemmes, Pernod Ricard, Spendless Shoes and Prouds Jewellers.
Large private companies generally must lodge their reports within four months of the end of their financial year.
In late May, Downward Spiral lodged eight years of accounts with ASIC. It was the first public look at the finances of Mona’s parent company.
The accounts showed more than $695 million in dividend income kept Mona and Walsh’s other businesses going from 2019 to 2025.
Those businesses include Moorilla Estate, Moo Brew and Dark Mofo operator DarkLab.
In 2024-25, Mona lost $48 million, down from $63 million the year before. Visitor numbers rose 8% to 354,000.
Walsh told the ABC in June that “Mona isn’t going to fall over”.
ASIC began watching closely for late reports in August 2025. Since then, it has collected more than $13.7 million from 70 fines.
ASIC contacted 234 companies this year. Of those, 193 had allegedly not lodged their 2025 reports.
ASIC commissioner Kate O’Rourke said company directors were responsible for getting their reports in on time.
“Our enforcement actions over the past year sends a clear message,” she said.
“Companies must meet their financial reporting obligations and should not assume that non-compliance will go undetected.”
“We will continue our data-focused surveillance into 2027 and will not hesitate to take further enforcement action.”
ASIC said payment of an infringement notice “does not constitute an admission of guilt or liability”.
