Almost $300 million is sitting in New South Wales’ unclaimed money pool as the year begins, with the state government urging people to check whether some of it belongs to them.
The funds, held by Revenue NSW, include money that people are legally entitled to but have not received because businesses have been unable to locate them. It can come from overpayments, uncashed cheques, dividends, refunds and other amounts owed, often lost through outdated contact details, name changes, missing paperwork or estates that are unaware of money linked to deceased relatives.
More than 800,000 separate items are currently recorded on the unclaimed money register, with values ranging from a few dollars to sums in the millions. Together, those items amount to $298.4 million linked to NSW addresses, while an additional $394 million is being held for people registered at addresses outside the state.
Sydney accounts for the largest share. The city and Eastern Suburbs alone have more than $91 million waiting to be claimed, followed by Western Sydney with almost $77 million. Beyond the metropolitan area, the Central Coast, Hunter and Lake Macquarie region holds the highest amount, with just over $22 million recorded.
Other regions also account for sizeable sums. Illawarra and the Southern Highlands have more than $10 million listed, while areas such as the Central West, Murray and Riverina, and New England and the North West each have close to or above $5 million sitting in the register. Even smaller regions, including the Far West and Orana, collectively account for close to $3 million.
The NSW Government says many people remain unaware they are owed money. Revenue NSW regularly attempts to contact potential owners, but gaps in data can mean people are missed. That has prompted a renewed push for residents to check the register themselves.
The funds, held by Revenue NSW, include money that people are legally entitled to but have not received because businesses have been unable to locate them
Minister for Domestic Manufacturing and Government Procurement Courtney Houssos said returning the money to households was a priority.
“Almost $300 million is sitting unclaimed, and we want to make sure as much of that as possible finds its way back to families,” she said.
“Last financial year, Revenue NSW returned more than $21 million to its rightful owners. With these new reforms, we’re making it faster and easier for people to get what they’re owed.
“While Revenue NSW regularly contacts potential owners, incomplete data means people are sometimes missed. That’s why we’re encouraging everyone to take a few minutes to check online – you might be surprised with what you find.”
The process has been streamlined in recent years. Last year, the NSW Government upgraded systems to simplify and speed up claims, including closer integration with Service NSW to help verify identities during the application process. The timeframe for businesses holding money before it must be transferred to Revenue NSW has also been reduced from six years to two, a move designed to ensure funds are reported sooner and returned more quickly.
These changes are intended to put money back into circulation at a time when many households are under pressure from the cost of living. Even small amounts can add up, particularly for families or estates managing multiple accounts or dealing with records that span decades.
Checking for unclaimed money is free and can be done online through the Revenue NSW website. If a match is found, claimants are required to complete a form and provide identification along with proof of their connection to the funds. Revenue NSW says most claims are verified and processed within about a month.
The government hopes increased awareness, combined with simpler systems, will lift the amount returned each year and reduce the pool of unclaimed funds over time. With hundreds of thousands of items still sitting on the register, officials say the odds are high that many residents have money waiting without realising it.
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