$13.8 billion in lost or unclaimed super

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.

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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.”

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