There is $13.8 billion in lost and unclaimed superannuation, with NSW topping the country at $3 billion, according to Australian Taxation Office (ATO) data.
Victoria and Queensland both had around $2 billion in unclaimed or lost super, while Western Australian had over $1 billion, South Australia with $798 million, the ACT with $231 million, Tasmania with $135 million, and the Northern Territory with $161 million.
Lost or unclaimed super were a result of super members changing their name, moving jobs or changing addresses, or if they had forgotten to update details with their super fund over the last few years.
Minister for Financial Services, Superannuation, and the Digital Economy, Senator Jane Hume, said: “$7 billion in reclaimed super is a terrific outcome for thousands of Australians who have been reunited with their own hard earned wages.
“There remains around $13.8 billion in unclaimed super, I encourage all Australians to take a moment to login to the ATO via MyGov and check if it’s yours – it only takes a moment.
“Our reforms empower the ATO to do this proactively and without fees, a demonstration of the Morrison Government’s commitment to building a stronger and more efficient superannuation system for all Australians.”
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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