The amount of lost and unclaimed super across Australia grew from $17.5 billion to $20.8 billion over the 2018/19 financial year, according to new data released by the Australian Taxation Office (ATO).

This sum includes money spread across long-forgotten super accounts, and small balances that have been transferred by super funds to the ATO.

The Sydney postcode 2170, which covers Liverpool and its surrounds, topped the list of postcodes with the highest amount of lost and unclaimed super, with over 13,250 accounts worth more than $81 million.

Top 10 postcodes with the highest amount of lost and unclaimed super as at 30 June 2019

RankingPostcodeStateTotal number of accountsTotal value
12170 – Liverpool and surroundsNSW13,251$81,085,282
23030 – Werribee and surroundsVIC9,966$72,114,112
32560 – Campbelltown and surroundsNSW11,004$63,231,975
42145 – Westmead and surroundsNSW8,807$60,764,352
53977 – Cranbourne and surroundsVIC10,126$58,918,901
63029 – Hoppers Crossing and SurroundsVIC8,883$57,248,692
72026 – Bondi and surroundsNSW8,105$56,000,248
82000 – Sydney CBDNSW8,295$55,984,758
92010 – Surry Hills and DarlinghurstNSW7,493$55,732,148
102148 – Blacktown and surroundsNSW8,416$52,838,249

What’s the problem with lost and unclaimed super?

Having part of your super sit in another account means you could be paying two sets of administration fees and insurance premiums, eroding your balance.

Lost or unclaimed super also means you could be missing out on the major benefits of compound interest. At its most basic, compound interest means earning interest on interest.

For example, if you invest $1,000 and earn $100 in interest, you’ll then begin to earn interest on your new total of $1,100. Simple interest, on the other hand, is always calculated on the principal, or that original $1,000 you first invested.

Claiming your super means there is a bigger balance for your compound interest to work with.

Finding your super is easy

Graham Whyte, assistant commissioner of the ATO, said people often lose touch with their super fund simply by changing jobs, or moving.

“It’s important to know that this doesn’t mean it’s lost forever. Getting back in touch is easier than you think,” he said.

In fact, over 540,000 active, lost, and unclaimed super accounts worth more than $4.4 billion were consolidated through the ATO’s online consolidation tool last year. We helped over 2,700 members combine $73 million into their Qantas Super accounts between January and October 2019.

You can also find your lost super through your Qantas Super account. Simply log in to search and combine your super in just a couple of minutes. Before you combine, check whether any insurance cover you have with any other funds will be affected.

The government will also help reunite Australians with their lost super thanks to a new law that requires super funds to transfer ‘inactive low balance accounts’ to the ATO. These include accounts that have a balance below $6,000, and those that haven’t received a contribution for 16 months.

According to Mr Whyte, more than 2.3 million such accounts, valued at approximately $2.16 billion, have been transferred to the ATO so far.

Once received, the ATO will transfer these balances to a member’s active super account.

Make sure you can always keep track of your Qantas Super by keeping your contact details up to date.

We're here to help

If you need help with making a decision about your super, you can get simple advice over the phone or face to face. It’s included as a part of your membership so there’s no extra cost.