$21 Billion in Forgotten Super Lies Unclaimed Across Australia

The sign of an Australian Taxation Office shopfront is seen in Canberra, Australia, on May 9, 2014. AAP Image/Lukas Coch

More than $21 billion in lost and unclaimed superannuation is waiting to be claimed by Australians, with one of the country’s largest super funds urging people to track down what it calls “zombie accounts.”

Aware Super said these accounts often sit forgotten for years after a person changes jobs, moves house or has another big life event, and can slowly shrink through duplicate fees or sit idle with the Australian Taxation Office (ATO).

“These are the zombie accounts of the financial world,” said Aware Super’s head of protect, Jess Rix.

“They’re technically still alive, but they’re not helping anyone and, in some cases, they’re quietly draining retirement savings through duplicate fees and insurance premiums.”

ATO figures show lost and ATO-held super totalled over $21.2 billion (US$14.8 billion) across almost 7.5 million accounts as of June 30, up from $18.9 billion a year earlier and $16 billion in 2023.

Of that total, $14.7 billion was held by superannuation funds that had lost contact with their members, while the ATO held the remaining $6.6 billion.

Super is usually classed as lost when an account stops receiving contributions and the fund no longer has up-to-date contact details for its owner. If the fund can’t reach the member, the money may be handed to the ATO, which holds it while it tries to reunite it with the owner.

Rix said money held by the ATO was safe but might not be invested, meaning people could miss out on growth over time.

“When your super ends up with the ATO, it’s safe, but it’s not exactly pulling its weight,” Rix said.

Average Lost Account Worth $41,000: ATO

ATO Deputy Commissioner Ben Kelly said the average amount of lost super was about $41,000, and that depending on a person’s age, it could grow to hundreds of thousands of dollars if it was put to work for their retirement.

“You always want to know where your wallet is. Lost super is much the same,” he said.

The ATO said around 4 million people held two or more super accounts as of June 30, which Kelly warned could mean paying several sets of fees and insurance premiums.

The tax office returned more than $1.1 billion in unclaimed super last year, in one case reconnecting a married couple approaching retirement with accounts worth more than $1 million.

Duplicate accounts have previously landed some of the country’s biggest superannuation funds in court.

In February 2025, the Federal Court ordered AustralianSuper to pay a $27 million penalty for failing to merge the multiple accounts of about 90,700 members, which the corporate regulator said cost them around $69 million in fees, insurance premiums and lost earnings between 2013 and 2023.

Australians can check for lost super by logging into myGov, accessing ATO online services and selecting the super section. They can also consolidate old accounts into their preferred fund.

Aware Super cautioned that any insurance attached to an old account will be cancelled when that account is closed, so members should check their cover before combining accounts.

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