Senate debates

Thursday, 4 December 2008

Questions without Notice


2:59 pm

Photo of Nick SherryNick Sherry (Tasmania, Australian Labor Party, Minister for Superannuation and Corporate Law) Share this | Hansard source

I am sorry to finish on such a sombre note of concern for Australians, but there are a staggering 6.4 million lost superannuation accounts in Australia, containing a staggering almost $13 billion. Lost superannuation comes about because a contribution has not been received for two years and the member statement is returned ‘address unknown’. This staggering figure has been increasing exponentially over the last decade. Six years ago there were 3.8 million lost accounts and $5.5 billion in lost superannuation. So there has been a staggering increase in the number of accounts and moneys lost.


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