Thousands of West Australians may be unaware they have money waiting to be claimed, with a government register now holding a total of $190 million. The amount of unclaimed money has increased by 26 percent since 2023, prompting efforts to locate the rightful owners of these funds.
Unclaimed Funds Soar in Western Australia
The register contains over 1.3 million records, representing amounts ranging from a few dollars to substantial sums. One unclaimed deceased estate, for example, is valued at approximately $916,000 and has remained unclaimed for nearly 30 years.
During the 2024-25 period, $2.7 million was distributed to successful claimants, with over 3,500 people receiving their due funds. The unclaimed money includes items such as rental bond refunds, dividend payments, vehicle license refunds, and overpayments on utility bills.
It’s important to note that the Treasury register does not include refunds related to recent overcharging issues with Synergy. In October, it was revealed that approximately 174,000 Synergy customers were overcharged by around $40 million, leading to a compliance notice and a public apology from the energy retailer.
As of Monday, Synergy reported having returned $5.5 million in overpayments to 14,033 customers, alongside $591,000 in goodwill payments.
The funds are held indefinitely and cannot be used by the government. After six years of no contact, money is considered unclaimed. To search the register, only a name and suburb are required, though claiming the funds necessitates providing proof of identity and association.
While Western Australia’s total appears higher than New South Wales’ $300 million in unclaimed funds on a per capita basis, the WA figure includes money linked to addresses in other states. Revenue NSW also holds an additional $394 million owed to addresses outside of New South Wales.
Frequently Asked Questions
How much money is currently unclaimed in Western Australia?
Currently, $190 million is held in the Treasury’s register of unclaimed money.
What types of funds are included in the register?
The register includes rental bond refunds, dividend payments, vehicle license refunds, and overpayments of utility bills.
How can I check if I am owed any money?
You can check the register on the Department of Treasury and Finance website here or use the ServiceWA app.
Could a more streamlined process for notifying individuals about unclaimed funds further reduce the amount held in these registers?
Worth a look