Probably not if there is a +/- of 10% error rate.
I left Australia in 2006, but even before then, the government had altered the statutes on speeding from the old model - 10% margin of error, to a flat 3kph(2mph) due to "increased accuracy in manufacturing".
F1 cars, and I believe now high end sports cars use a differebt system that's basically how an optical mouse works. They image the road underneath the car and measure it moving past. This gives turning in addition. If you watch an F1 night race you can see a glow on the ground under the nose - that's the illuminator for the sensor.