Tuesday, June 28, 2011

International Unclaimed Property: Australia

From time to time, we provide information concerning "foreign" (i.e., non-U.S. unclaimed property laws).  Earlier articles have covered unclaimed property in the Cayman Islands, Jamaica, Kenya, and New Zealand.  Today, we continue our trip in the South Pacific by looking at unclaimed property in Australia. 

According to an article in this weekend's Sydney Morning Herald, there are more than A$600 million in unclaimed financial accounts, and some A$1 billion in unclaimed shares held by Australian regulators, state governments, and transfer/exchange agencies.  In addition, the article indicates that there is much more in unclaimed "super" (i.e., retirement benefits), to the tune of A$13.6 billion, or $900 for each working-age Aussie.

The full article, complete with information on claiming funds from the applicable agencies can be found here.

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