That is the official method to release the airbag. There is a slit at 3oclock and 9oclock on the steering wheel. A T25 or similar screwdriver is inserted to depress the spring that latches the airbag in place.
If the holes are massive then someone used too large of a tool or dug around for too long trying to find the spring at the wrong angle. On these wheels, it's very easy to find the spring.
Folks who visit a dealership regularly will be the first to get new bags as they are beating Australia Post (and perhaps the department which posts out the letters).
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