The Rudd Government will increase the funding for the Superannuation Complaints Tribunal (SCT) over the next four years to ensure that it continues to meet its statutory responsibilities to resolve consumer complaints in a manner that is fair, economical, informal and quick.
From 2010-11 until 2013-14, the SCT will receive additional funding of $1.5 million per annum, totalling $5.9 million.
"The additional funding will maintain consumer and industry confidence in the SCT's ability to deliver its expected outputs," Minister Bowen said.
"The funding boost comes on the back of a 30 per cent increase in the SCT's workload since 2004."
The SCT has improved its operational efficiency and effectiveness in recent years, especially through upgrading its complaints management system and improving productivity in its complaints analysis team.
The increase in funding will enable the SCT to continue to effectively manage its rising workload and the increased complexity of the complaints it is called on to resolve.
The increased funding will be fully offset by an equivalent increase in the financial sector levies collected by the Australian Prudential Regulation Authority.
The SCT is Australia's superannuation complaints arbitrator. It is an independent dispute resolution body which deals with a diverse range of superannuationrelated complaints and offers a free, 'user‑friendly' alternative to the court system.
CANBERRA
11 May 2010