The Australian Taxation Office (ATO) has revealed that $19 billion in superannuation remains lost or unclaimed across Australia.
Data released today shows that over seven million Australians are affected, and they are being urged to check their accounts. The ATO noted that the average unclaimed super per person is $2,590, which could grow to tens of thousands of dollars by retirement age.
ATO Deputy Commissioner Ben Kelly highlighted that many Australians are unaware they have missing super. “Checking for lost or unclaimed super is like reaching into your pocket and finding a $50 note — it’s your money, you just didn’t know it was there,” he said. He explained that super can become lost if accounts are inactive or if funds cannot contact the account holder, often due to job changes, relocation, or outdated personal details.
Assistant Treasurer Daniel Mulino added that super can be lost for many reasons, including name changes, changing jobs, or working overseas. “This can lead to multiple fees, which negatively affect people’s end balances,” he noted.
The ATO emphasized that unclaimed super is not gone forever. Kelly said, “The ATO wants to get this lost and unclaimed money back into your account. While we are working hard to ensure people have full access to the super they’ve earned, it’s important to keep your information up to date in myGov. Your super follows you through your career, so you should regularly check your account.”
