BEN FORDHAM:
Now, how much money do you have in your super accounts? Most of us wouldn't know because quite frankly, we haven't looked and for the same reason, thousands don't know when their super goes missing. You might change jobs or move house or get married and change your name. And in the process, your superannuation can get lost in the shuffle. Well, new data shows Australians have lost nearly $14 billion of their superannuation. So it's time to claim it back. The Minister for Superannuation, Jane Hume is on the line this morning, morning Minister.
JANE JANE HUME:
Great to be with you, Ben.
BEN FORDHAM:
Isn't it crazy. If it fell down the back of the couch, we'd be getting down on our hands and knees to fish out the $2 coin. But when it comes to our superannuation, we're happy just to have it disappear.
JANE HUME:
Well, that's right. You know, compulsory superannuation has been around now for nearly 30 years. And originally when you had your first job, or your second job. Maybe you only had it for a little while and you, you lost track of that super fund or, you're right, you got married or you changed address. And now around $13.8 billion in Australians, hard earned wages is waiting to be climbed in the form of lost and unclaimed superannuation with the ATO. And you can find it just by logging on to MyGov in a couple of clicks you can find out whether some of that money is yours.
BEN FORDHAM:
Crazy. Now you've got a list of postcodes and suburbs that have lost the largest chunks of super do you?
JANE HUME:
We do. In fact, New South Wales tops the nation in unclaimed and lost amounts, with around $3 billion. And it also has six of the top 10 postcodes. Many of those are in the inner city where people have lived temporarily and then moved on. So the trick is to jump on MyGov and, in the same time it'll take you to have that cup of coffee out of your Ben Fordham 5:30 coffee mug, you can actually discover whether you've got any lost superannuation there.
BEN FORDHAM:
That's great cross promotion for the 5:30 club. I'm going to send you a mug as well. And I should let people know, for example, while the lot of them are inner city suburbs, for example, Campbelltown $32 million worth of lost super. Now, can I just ask you about the data showing that super funds paid nearly $10 million to trade unions in 2019/2020, shouldn't that money be going to members?
JANE HUME:
Well, actually superannuation funds also charged around $30 billion in fees just last year alone. And the good news is that we have legislation that's sitting before the Senate right now, the 'Your Future, Your Super' legislation, which is aimed at increasing transparency and accountability, and making sure that your super fund only acts in your best financial interest, it'll also put downward pressure on those fees and make super funds act more competitively too.
BEN FORDHAM:
Okay. My dot Gov dot Au. If you want to go and work out how much super you've lost before I let you go. The leaders of major parties have received an open letter from about 60 women from the Liberal Party and the Labor Party. This is all about issues around the treatment of women in Parliament House. Is there a problem Jane Hume when it comes to the safety of women and the treatment of women in politics in general?
JANE HUME:
I think all women deserve to feel safe in their workplace and that Parliament should be a model work place for everywhere else. And that's why we're taking these independent inquiries very, very seriously in a very bipartisan and sensible way to make sure that we have the right support mechanisms here and that there is appropriate culture change as well.
BEN FORDHAM:
Is there a women problem in Parliament House?
JANE HUME:
I don't think there's a woman problem in Parliament House. I think the more women we can have in Parliament House, the better. It's really important that we find our voice in this building where decisions are made.
BEN FORDHAM:
So there's no boys club running the show?
JANE HUME:
I think that politics was probably built for boys, but that doesn't mean that there isn't an important place for the women of Australia to participate in the political process. And it's really important that we do so.
BEN FORDHAM:
When we send you your 5:30 club mug, can you please send us a photo?
JANE HUME:
I think that's a very good idea.
BEN FORDHAM:
Thank you very much. Jane.
JANE HUME:
Thanks Ben.
BEN FORDHAM:
Jane Hume, the Minister for Superannuation.