The Government Is Holding $1.5 Billion. Is Some of It Yours? How to Search 'Unclaimed Money'

🕵️‍♂️ Is Your Name on the List?

Imagine finding $500 you didn't know you had. It happens every day. As of 2026, the Australian government (via ASIC and the ATO) is holding over $2 Billion in unclaimed money. This isn't a lottery; it is your own money from forgotten bank accounts, shares, and life insurance policies. Is your name on the list?

The Government Is Holding $1.5 Billion.

Under the Banking Act, if a bank account or investment remains inactive for 7 years, the institution is legally required to transfer the funds to the Commonwealth Government for safekeeping.

The money sits there indefinitely until the rightful owner (you) claims it. Crucially, the government pays interest (CPI adjusted) on this money when you claim it.

How to Search for Free (The Official Way)

Beware of third-party agents who offer to "find your money" for a commission fee. Do not pay them. The search process is 100% free and publicly accessible.

🔍 The 2-Minute Search:

1. Visit the official ASIC MoneySmart website.
2. Select the "Find Unclaimed Money" tool.
3. Enter your Surname (don't forget previous names or maiden names).
4. If a match appears, follow the prompts to file a claim. You will need to verify your identity (OTMR - Original Transaction Reference Number may be required).

Where Else Is Money Hiding?

ASIC is not the only custodian. Depending on the source of the funds, the money might be held by different government departments.

Type of Money	Where to Look
Shares, Bank Accounts, Life Insurance	ASIC (MoneySmart)
Lost Superannuation	ATO (via MyGov)
Rental Bonds, Utilities, Court payouts	State Revenue Offices (e.g., Revenue NSW, SRO Victoria, QRO)

Tip: If you have a deceased relative, search for their name as well. You may be the rightful heir to their unclaimed assets.

Chief Editor’s Verdict

It takes less than 60 seconds. Even if you find nothing, you lose nothing. But if you discover $200 from an old savings account you opened during university? That is a free dinner courtesy of the government.

Start with MoneySmart, then check your MyGov for lost Super. It is the easiest financial win available.

⚖️ Legal Disclaimer:
The information provided in this article is general in nature and does not constitute financial advice. Be vigilant against scams: The Australian government will never charge you a fee to search for or release unclaimed money. All official searches can be conducted for free via the ASIC MoneySmart website or the ATO via MyGov.