Australians are leaving $21.5 billion dollars in unclaimed superannuation earnings to languish in forgotten accounts.
Since July, the Australian Tax Office has reunited around 360 000 Australians with about $600 million in unclaimed super.
There are still around 7.3 million accounts with unclaimed super in them with the amount of lost super typically around $2,950.
A change in your job, travel overseas or a name change could mean you lose contact with a super account and if an old fund can’t reach you, the balance may sit idle or be transferred to the ATO until you claim it.
The ATO has already helped Australians reclaim life‑changing amounts:
- one man in his 70s from Melbourne recovered over $100,000 held by the ATO
- another woman living and working in regional Queensland found more than $500,000 sitting forgotten in a lost super account.
Checking takes just minutes by logging into ATO online services through myGov or you can also phone the lost super search line on 13 28 65, or download the ATO app.
If you have multiple accounts, consider consolidating them now to save on fees and grow your retirement savings, making sure you have considered any insurance that may have been included in any of those accounts.
Reinvesting this in your super could mean many thousands more at retirement.
The Albanese Government is making it easier to get the superannuation payments you are owed.
We have passed Payday Super laws which will mean you will be paid your super at the same time as your wages.
When you start a new job, your existing super account can follow you. This is called stapling.
Employers can check your stapled fund earlier in the onboarding process, so you see it before making a fund choice for that job. This helps avoid duplicate accounts and extra fees.
Australia has a world‑class superannuation system and the Albanese Government wants to ensure it delivered the best outcomes for consumers.
Quotes attributable to the Assistant Treasurer and Minister for Financial Services, Daniel Mulino
“Your money works for you when it is in your active superannuation account.
“Australians work hard for their super, and we want to make sure everyone can access what they’re owed.
“That’s why the Government has introduced laws to support Australians making an informed choice about their superannuation when starting a new job.
“If you have changed jobs, or travelled overseas or changed your name, there may be some super funds you left behind.
“We want to get you and your money back together so it can do its job and help your savings for retirement grow.”