6 February 2019
Media Release - #2019010, 2019

Over $860 million in super returned

Over 66,000 Australians have consolidated over $860 million in lost and forgotten superannuation in the last quarter of 2018.

The superannuation was consolidated through myGov and the ATO.

I’m pleased to see so many Australians actively reunite themselves with their lost super.

With over $17.5 billion in lost and unclaimed super and the Coalition Government’s superannuation reforms still awaiting further support in the Parliament I call on the Labor Party to support these important reforms.

The Government’s reforms cap low balance ($6,000 or below) fees at 3 per cent, ban exit fees, provide greater choice of funds as well as closing a loophole allowing employers to reduce their superannuation guarantee payments for people who salary sacrifice. Importantly, the reforms will also allow the ATO to proactively reunite people with their lost and unclaimed super (where the combined balance exceeds $6,000).

The Government wants people to be reunited with their superannuation, so in the meantime I encourage people to link their myGov account to ATO online services so they can view and consolidate forgotten and lost accounts.

Visit the Keeping track of your super website for more information.