$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.

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.

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“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.”