37k is the maximum fine and would be reserved, if it was ever imposed to those who may be trying to smuggle large quantities into the area for resale.
The Act would have something like "a fine of up to 200 penalty units". Then in the regulations it will state how much a penalty unit is, say $135.00 or so. The regs will also state how many units an authorised officer can issue and most times it is something like 2 to 5 penalty units. A court of course can impose how many units it imposes.
Edit: By the looks on the sign a penalty unit is probably $220.00 and they can issue 5 for a first offence.