Revenue NSW data shows unclaimed money now at record $380 million
THE NSW government now has more unclaimed money in its coffers than ever before — including an increase of at least $160 million to $380 million` over the last year alone.
NSW
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MORE unclaimed money is in the state government’s coffers than ever before.
More than $380 million was waiting to be claimed last month from deceased estates, dividends, bonds, refunds and overpayments — up from $220 million in January last year, Revenue NSW figures reveal.
While the state government has previously encouraged people to check the Office of State Revenue website for unclaimed money, opposition Treasury spokesman Ryan Park yesterday said the government needed to work harder to return money.
“This is a government who spends millions of dollars advertising but fails to do anything to ensure this money is back in the pockets of hardworking residents across NSW,” he said.
“Over $380 million of other people’s money in their bank and they do nothing more other than issue a press release — it is simply appalling.
“They have spent millions of dollars advertising reforms that never happened but they fail to spend a single cent to help people find their own money that the government has stashed away.”
Revenue NSW said the department regularly conducted social media campaigns and worked with other agencies, including Service NSW, to show customers how to search for unclaimed money.
“We have also commenced data matching in an attempt to reconnect people with their unclaimed money,” a spokeswoman said.
“Unclaimed money ends up with Revenue NSW because owners’ contact details are out of date and they’re hard to track down.”
Service NSW Centres will soon become “one-stop shops” for cost of living support, including advice on whether a person is eligible for unclaimed money. “Money that is paid to the government as unclaimed is held for … repayment in the consolidated fund, and is paid in full to the rightful owner as required by the legislation,” the spokeswoman said.