Regulations add to companies cost structure

Press, Volume CXIV, Issue 33671, 22 October 1974, Page 22

Regulations add to companies cost structure

The time has surely arrived when Government authorities should be looking at simpler and less costly methods to implement their policies, says the chairman of Andrews and Beaven, Ltd, in his annual review. “The 1973-74 financial year will long be remembered for the extraordinary amount of legislation introduced to place restraints and controls on the private sector,” he says. ’•While all attempts by the Government to control infla t i o n must be applauded, many will view with concern the spate of legislation with which company managements have to contend. “The Economic Stabilisation Regulations, Stabilisation of Prices Regulations, the Price Freeze Regulations, the Wage Adjustment Regulation, the Sales Tax Act, the Superannuation Act, and Accident Compensation Act all tend to place on management additional burdens of responsibility and impose non-recov-erable costs on the company. “In addition, there appears to be no end to statutory information required by the Department of Statistics, which occupies a great deal of time by highly qualified staff to compile.”