The New South Wales government is urging residents to check if they are owed a portion of a massive $300 million pool of unclaimed money currently held by Revenue NSW. The call extends to people living outside the state, with a further $395 million available for those registered at interstate addresses.
What Constitutes the Unclaimed Money Pool?
This substantial sum comprises funds from a variety of sources that the state government has been unable to return to their rightful owners. The pool includes money from overpayments, uncashed cheques, uncollected dividends, refunds, and other payments. Funds typically go unclaimed when individuals move house or change their name without updating their details with a business, lose important paperwork, or when the estates of deceased relatives are unaware of existing assets.
Where is the Money Located?
The distribution of unclaimed money across NSW is uneven, with some areas holding significantly larger sums than others. Sydney's city and eastern suburbs top the list, with more than $91 million waiting to be claimed. Western Sydney follows as the next largest area, with approximately $77 million unclaimed. In the regional areas, residents of the Central Coast and Hunter have a combined $22 million available to claim.
Government Procurement Minister, Courtney Houssos, emphasised the government's desire to reunite people with their funds. "We want to make sure as much of that as possible finds its way back to families," Houssos said. She highlighted that Revenue NSW returned over $21 million to rightful owners in the last financial year alone.
Streamlined Claims Process and Legislative Changes
To accelerate the process, the NSW government is implementing reforms to make it faster and easier for people to claim what they are owed. Houssos flagged upcoming legislative changes, including a significant reduction in the time businesses can hold on to unclaimed money before transferring it to the state. This period will be cut from six years down to just two years, thereby speeding up public access to these funds.
Individuals can check their eligibility by searching their name on the dedicated Revenue NSW unclaimed money portal and lodging a claim directly. The verification process requires claimants to provide two forms of proof of identity, such as an Australian driver's licence or a Medicare card, along with one official document proving a connection to the money, like a utility bill or bank statement.
Revenue NSW advises that claims can take up to 28 days to process as officials verify the claimant's legal entitlement to the money. With nearly $700 million in total waiting to be claimed across NSW and interstate, the government's message is clear: it's worth checking if you have money you didn't know was yours.
