Hard-working Australians are missing $17.4 billion in lost superannuation – more than the Big Four banks’ half-yearly profits combined.
New figures show the average value in 3.6 million lost or forgotten super accounts has reached $4800.
NSW has $5.36 billion in unclaimed contributions, the highest in the country, followed by Victoria with $4.47 billion and Queensland ($3.81 billion), Western Australia ($2.04 billion) and South Australia ($1.22 billion). Tracking down a lost nest egg is a paper-based and painstaking procedure but there are widespread changes under way to computerise the process.
Source: news.com.au