What’s a postcode worth? If you’re talking about lost or unclaimed superannuation it can be millions of dollars.
According to the Australian Taxation Office (ATO), there was almost $14 billion in unclaimed super throughout the country in 2020.
But those numbers vary wildly from postcode to postcode. Some suburbs are awash with unclaimed money, others aren’t.
If you want to see how your neighbourhood stacks up, and how to check if any of that money is yours, keep reading.
Looking for lost super
If you’ve held a number of jobs over the years, there’s a good chance you have some old and forgotten super accounts. Some of that money may have also been moved to the ATO if your accounts were inactive or the balance was low. This prevents fees and charges from eroding your savings.
Tracking down your unclaimed money and consolidating it in your super account is easy. Simply log into your account and select ‘Find my Super’ from the drop-down menu.
The search function will find any superannuation currently held with the government or other funds. Moving it all into one account is as simple as pressing a button.
If you prefer, you can also use the government’s MyGov website to search for lost and/ or forgotten super accounts.
Lost super by postcode
Looking at lost or unclaimed super in different postcodes offers some interesting data.
Sydney’s CBD, Cairns and Bondi have the most unclaimed super by suburb, with a total of $142 million up for grabs.
Conversely, Toorak in Melbourne has just $12 million in lost super, and Vaucluse in Sydney just over $7 million.
Those numbers tell a story; towns and suburbs with a high number of students, share houses, part-time workers and young professionals tend to have more lost or unclaimed money than their counterparts across town.
Top 10 postcodes for lost super
Postcode | Suburbs included | Lost super value |
|---|---|---|
2000 | Sydney, Barangaroo, | $63.6 million |
4870 | Cairns, Brinsmead, | $40.2 million |
2026 | Bondi, Bondi Beach, | $38.4 million |
2138 | Concord West, Liberty Grove, | $38 million |
2010 | Darlinghurst, Surry Hills | $37.6 million |
2170 | Casula, Chipping Norton, | $37.3 million |
4740 | Alexandra, Beaconsfield, | $36.6 million |
4350 | Toowoomba, Centenary Heights, | $36.5 million |
3030 | Derrimut, Point Cook, | $33.4 million |
2560 | Airds, Ambarvale, Appin, | $32.2 million |
If we look at the numbers on a state-by-state basis we can see that NSW has the most unclaimed super, with $3.4 billion looking for a home. The less populated Northern Territory and Tasmania only have $300 million between them.
Lost super by state
State or territory | Total number of accounts | Total value of lost and unclaimed super |
|---|---|---|
ACT | 29,343 | $231,233,561 |
NSW | 722,786 | $3,468,040,658 |
NT | 35,278 | $160,919,644 |
QLD | 503,718 | $1,952,341,858 |
SA | 123,548 | $798,074,878 |
TAS | 34,858 | $134,703,767 |
VIC | 489,398 | $2,272,046,530 |
WA | 263,520 | $1,295,545,900 |
Invalid | 20,523 | $514,873,211 |
Finding lost super makes sense
Having all your super in one account means you save money, since you're not doubling up on fees. It also allows you to manage your super from one account, which makes things nice and easy.
And speaking of easy. You can check for lost super and consolidate it with your account in minutes. Simply log into your account and select ‘Find my Super’ from the drop-down menu. You’ll be given a list of all your super accounts and can combine them with the click of a button.*
*Before you close your other accounts you should check if you have any insurance cover through them which you might need.
