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.”
Australia’s second largest super fund has added thermal coal companies to its list of investment exclusions.
The fund has expanded its corporate superannuation solutions to partner with Australian businesses of all sizes.
The chief executive of Aware Super anticipates a significant shift in how ESG factors will influence portfolio values in the next six years, surpassing the changes witnessed in the past two decades.
In a recent statement, shadow assistant minister for home ownership and Liberal senator for NSW, Andrew Bragg, accused ‘big super’ of fabricating data attributed to the Reserve Bank of Australia to push their agenda.
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