Around $2.7 billion in unclaimed money is sitting in a national register administered by the Australian Securities and Investments Commission (ASIC), with a portion of those funds tied to insurance policies whose owners – or beneficiaries – have not come forward to collect them. Financial institutions including insurers and banks are required to hand over funds to ASIC when they cannot locate the account holder after seven years. Once transferred, the money stays on the register indefinitely – some entries date to the 1950s, and there is no expiry on claims.
Web traffic to the Moneysmart unclaimed money page climbed 74% between March 2025 and March 2026 compared to the same period a year earlier. The spike suggests more Australians are becoming aware that funds may be sitting uncollected under their name – a pattern often triggered by life transitions such as a change of address, a name change after marriage or divorce, or the death of a family member whose financial affairs were not fully settled. The single largest uncollected amount on the register is about $1.3 million. Balances that have been held since July 1, 2013, may also have earned interest, meaning the value of older entries may be higher than the original deposit.
Not all unclaimed money goes through ASIC. Balances below $500 linked to bank accounts remain with the originating institution and must be claimed directly from the bank. ASIC holds amounts above $500 that meet the legislative criteria. To lodge a claim on the ASIC register, a claimant must supply government-issued identification, documentation connecting them to the name and address listed on the record, and an online transaction number generated through the Moneysmart search tool. Where historical records are thin – a common issue with accounts opened decades ago – ASIC may accept alternative forms of verification. The search function on Moneysmart is free. ASIC has noted that third-party services advertising fee-based assistance with unclaimed money claims provide no additional access to the register beyond what is publicly available.
The ASIC register does not capture all unclaimed funds in Australia. Each state and territory operates its own scheme covering assets such as unpaid wages, share dividends, and distributions from deceased estates and trust accounts. Individuals who have moved between states or held employment in multiple jurisdictions may need to search more than one register to get a complete picture of what may be owed to them.
Separate data from the Australian Taxation Office (ATO) frames a broader issue of uncollected financial assets across the country. As of June 30, 2025, the ATO reported $18.9 billion in lost and unclaimed superannuation spread across 7.3 million accounts – a figure that has climbed from $16 billion in 2022 despite ongoing ATO efforts to reunite members with their balances. ATO Deputy Commissioner Ben Kelly pointed to common life events as the driver of account loss. “Your super can become lost if your account is inactive and your fund can’t contact you. If you’ve changed jobs, moved house, or simply forgotten to update your details, you may have lost or unclaimed super,” Kelly said.
The average unclaimed super balance sits at $2,590. The ATO has returned approximately $5.5 billion across 3.1 million accounts since 2022, though the total pool continues to grow year on year. For insurance practitioners, the superannuation data has a specific dimension. Many super accounts include default group cover – life, total and permanent disability (TPD), or income protection – that is cancelled when an account is consolidated or closed. Kelly flagged that risk directly. “If you are thinking of consolidating your super accounts, you need to consider what the impacts may be, including any insurance in your super accounts,” he said.
Practitioners advising clients on account consolidation should confirm the insurance position across all existing super accounts before any merger takes place, particularly where a client’s health status may affect their ability to obtain equivalent cover elsewhere. The ATO’s online portal includes a health check process that covers contact detail verification, balance and contribution reviews, a search for lost accounts, and confirmation of beneficiary nominations.
