The Minister for Financial Services & Regulation, Joe Hockey, today said the Superannuation Complaints Tribunal continues to be an outstanding mechanism for resolving superannuation complaints.
The Minister's comments follow the release of a Productivity Commission report calling for the tribunal's abolition.
"I don't support the abolition of the Superannuation Complaints Tribunal. In fact, I believe the tribunal has been an extremely effective way to resolve super disputes," the Minister said.
The number of tribunal determinations has risen from 82 in 1999-2000, to 280 in 2000-2001 affecting 301 people.
The number of cases concluded by conciliation increased from 86 in 1999-2000, to 183 in the current year.
"Significantly, the good work of the tribunal, particularly the chairman Graham McDonald, has all but removed the backlog created after the 1998 Federal Court decision suspended the its review powers.
"I am absolutely certain that the Superannuation Complaints Tribunal remains an expeditious and cost-effective means of delivering justice.
"Consumers should be confident that the tribunal can continue to deliver effective complaint handling of super complaints."