There are numerous requirements for asset maintenance and certification at the State and Federal level that you need to comply with. Often there are heavy penalties and consequences to non-compliance, including your licence to operate in certain industries. The main reason you need to comply is your duty of care. These regulatory frameworks are there to protect people both, members of the public and employees alike. Each state has its own legislative and regulatory frameworks. In most cases the regulations will call on Australian/New Zealand Standards, International Standards and other Codes of Practice for asset maintenance, design and installation.