Footage of the incident quotes the officer as saying that the car was clocked as going at 141km/h.
Anyone caught exceeding 140km/h loses their licence for 28 days.
A conversation took place in which Mr Cole said he did not know the speed limit and was on holiday, and driving because his girlfriend did not have a licence.
The officer then went to his own vehicle and returned to say that the speed was actually 139km/h and Mr Cole would not have his licence suspended but would still incur a $400 fine.
The footage caused outrage from some viewers, who said the man was let off too lightly and should have had his licence suspended.
However, police have today released a statement about the issue and said the fine stands.
"Police has now fully reviewed the event and can confirm that the police officer's radar speed detection device locked the driver's speed at 139 km/h, and the infringement notice was correctly issued.
"The video we have seen on YouTube is only a snapshot of a wider conversation that took place between the officer and the driver.
"Police is satisfied that the police officer has acted appropriately. 139km/h is an unacceptable speed for any driver to be driving on our roads, but I am encouraged that the driver appears to have learned his lesson."