Rugby Australia finalises accounts, flags business restructure

Check out this monstrous rugby stiff-arm from another dimension (0:21)

This rugby player applies a ferocious stiff-arm to the defender en route to a score. (0:21)

Rugby Australia [RA] has at last signed off on its financial reports for 2019, just hours before the deadline was about to expire.

RA confirmed their audited reports -- which had been the subject of constant speculation since they announced a loss of $9.4m in March -- had been returned by KPMG and had since been sent to the Australian Securities and Investments Commission on Sunday.

The deadline for their submission was May 31.

"We have cleared another important milestone as we continue to navigate the COVID-19 crisis with the finalisation of our 2019 accounts," acting RA chief executive Rob Clarke said.

"We have been working very closely with KPMG to finalise the audit, the Directors conclude that the organisation is a going concern and KPMG has issued an unqualified audit opinion. The audited and signed accounts have been submitted today, and our 2019 Annual Report will be published in the coming days.

"This week we will also announce the first phase of an organisational restructure of the Rugby Australia business which we are in the final stages of completing," said Clarke.

Reports suggest RA's workforce could be reduced by 25 percent to help cut costs amid the COVID-19 pandemic.

Former Wallabies captain Nick Farr-Jones was one of many former players to hit out at size of the workforce RA had swelled to in recent times.

Sources have told ESPN the governing body will also confirm plans for its Super Rugby AU competition in the coming days.