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There are various legislative regimes in Australia which prescribe specific
timeframes for document and record retention and destruction.
Non-compliance with such requirements can result in economic loss, such as
losing coverage of insurance,  or even strict criminal liability for
individuals and organisations – the most common example being for a
company, its directors and officers.
Currently, there are around 80 Acts at both the State and Federal level
which regulate document and record retention and destruction. The various
regimes are not codified in any way, some are industry specific and some
are catch-all legislation.

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-- 
Peterk
Dallas, Tx
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"The problems of our economy have occurred not as an outgrowth of
laissez-faire, unbridled competition.
They have occurred under the guidance of federal agencies, and under the
umbrella of federal regulations."
Senator Ted Kennedy, in defending trucking deregulation in 1978.

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