State government entities in Western Australia and New South Wales collectively manage hundreds of millions of dollars in unclaimed funds belonging to residents and businesses. These funds, comprising various payments such as refunds, dividends, and overpayments, are held by state treasuries or revenue departments until claimed by their rightful owners. Both states have established processes for individuals to search for and reclaim these assets.
Unclaimed Funds Overview
Across Australia, significant sums of money remain unclaimed. As of recent reports, Western Australia's Treasury register holds $190 million, while Revenue NSW manages an amount exceeding $300 million for its residents, with an additional $395 million attributed to interstate addresses that conducted business within New South Wales. These amounts represent funds that businesses and organizations have been unable to disburse to individuals or entities.
Western Australia's Unclaimed Monies
Western Australia's Department of Treasury and Finance holds approximately $190 million in unclaimed funds, marking a 26% increase since 2023. The register contains over 1.3 million records, with individual amounts varying from minor sums to substantial figures. This includes a deceased estate valued at around $916,000 that remained unclaimed for nearly 30 years.
In the 2024-25 financial year, over 3,500 successful claims resulted in $2.7 million being paid out, with one individual receiving $314,000.
Sources and Status of WA Funds:
Unclaimed funds in Western Australia originate from various sources, including:
- Rental bond refunds
- Dividend payments
- Vehicle licence refunds
- Education provider refunds
- Overpayments of utility bills
Funds typically become unclaimed after six years without contact between the owner and the account, often due to factors like lost cheques or changes in name or address. These funds are held indefinitely by the Government, cannot be utilized for other purposes, and are not subject to claim fees.
The Treasury's unclaimed money register does not include refunds related to Synergy's overpayment issues. In October, it was reported that Synergy had overcharged nearly 174,000 customers by approximately $40 million. As of the most recent update, Synergy has returned $5.5 million in overpayments to 14,033 affected customers and has issued $591,000 in goodwill payments.
Claiming Process in WA:
The Western Australian Government advises individuals to check the register on the Department of Treasury and Finance website or through the ServiceWA app. A search requires a name and suburb, while claiming funds necessitates proof of identity and association with the money. Western Australia's figures encompass money registered to addresses in other states.
New South Wales' Unclaimed Money
Revenue NSW currently holds over $300 million in unclaimed refunds, dividends, and other payments for households and businesses across New South Wales. Minister for Finance Courtney Houssos reported that more than 800,000 individual payments remain unclaimed.
Origins and Distribution of NSW Funds:
Funds become unclaimed when businesses are unable to return money due to missing documentation, outdated contact information, or lack of awareness among estates regarding deceased relatives' assets. After unsuccessful attempts by businesses to return these funds, the money is transferred to Revenue NSW for holding.
The highest concentrations of unclaimed funds in NSW are found in:
- Sydney's CBD and Eastern Suburbs: Over $91 million
- Western Sydney: Approximately $76-77 million
- Central Coast and Hunter regions: $22 million
Individual unclaimed items range from small sums to amounts exceeding one million dollars. An additional $395 million is available for individuals registered at interstate addresses who have conducted business within New South Wales.
Legislative Reforms and Payouts:
In the past financial year, Revenue NSW facilitated the return of over $21 million in unclaimed funds to NSW households. Legislative changes have been implemented, and further reforms are anticipated, including a proposed reduction in the period businesses can hold unclaimed money from six years to two years before it is transferred to the government. A mechanism also exists for heirs to access funds belonging to deceased individuals.
Claiming Process in NSW:
Individuals can search for their name on the Revenue NSW unclaimed money portal. The claiming process requires verification of identity and the claimant's connection to the funds. Required documentation includes two identity documents, such as an Australian driver’s licence, a proof of age card, an Australian birth certificate, or a Medicare card. Furthermore, one official document confirming a connection to the specific funds is required, with examples including an electricity or phone bill, a bank statement, or a residential lease agreement. Revenue NSW states that the verification process for claims may take up to 28 days.