ANTI-INFLATIONARY AGENCY (Setting up of)

Mr Hwang Soo Jin asked the Minister for Finance if he will consider setting up a special anti-inflation agency with suitable consumers' representation and armed with statutory powers to investigate into public complaints of unjustifiable price increases and other manipulative practices and to take punitive action against offenders.

The Minister for Finance (Mr Hon Sui Sen): Mr Speaker, Sir, a special Anti-Inflationary Agency, as proposed by the hon. Member for Jalan Kayu, will not be necessary at this juncture. My Ministry already possesses the machinery to co-ordinate the formulation as well as implementation of various anti-inflationary measures. An Anti-Inflationary Committee has been formed within the Ministry to look after all aspects of anti-inflation policies. Legislation, such as the Price Control Act and the Control of Essential Supplies Act already enacted, give the Government statutory powers to take drastic punitive action against manipulation by traders. Private consumers associations such as CASE can liaise with my Ministry on various anti-inflationary measures which are being implemented.

While the Government has to play the main role in combating inflation, success hinges crucially on the co-operation of all concerned, including employers and employees, manufacturers, traders and consumers. I believe that there is no better way to counter the present rise in prices than by curbing our demand especially on luxury goods; by abstaining from panic buying and hoarding, as well as being more selective in our shopping habits, and in specially bad cases of profiteering or manipulation, by a boycott of the goods or the sellers concerned.

3.06 p.m.