There are two possibilities: liability for a traffic infringement notice/fine and/or damages to the vehicle you hit. It depends on the circumstances of each case.
If the illegally parked car is on the road side too close to a corner but the police consider you should have seen it, you may be charged with driving without due care and attention. This offence will result in the loss of three licence demerit points and the penalty will be in the discretion of the Magistrate hearing the matter. As this is a serious offence, if you are charged with driving without due care and attention you should obtain legal advice.
If the car is left in the middle of the road in the face of oncoming traffic with no hazard lights on, and there was no way you could safely avoid it, different considerations would apply.
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