$2.3 billion in ‘lost’ Aussie money up for grabs: Here’s how to check if you owe money

Cash-strapped Aussies could be entitled to a share of $2.3 billion in ‘unclaimed money’ through financial institutions across the country.

The Australian Securities & Investments Commission (ASIC) revealed this huge sum has gone unclaimed through bank accounts, shares, investments and life insurance policies.

“This can happen when people change addresses or move abroad and forget to update their details with a financial institution or company,” the ASIC website said.

‘Or people may not know that there is money to which they are entitled.’

It takes seven years after a bank account or life insurance policy has been inactive before it is considered unclaimed. However, there is no time limit for people claiming the cash and interest is paid on money that has not been claimed since July 2013.

ASIC will receive the unclaimed money before transferring it to the Commonwealth of Australia Consolidated Revenue Fund.

Australians can claim the money by using the unclaimed money search function on ASIC’s Moneysmart website, or by consulting the Australian Taxation Office, state government or Services Australia.

NSW residents can also consult Revenue NSW, while Victoria residents can consult the State Revenue Office.

Cash-strapped Aussies could be entitled to a share of $2.3 billion in ‘unclaimed money’ through financial institutions across the country (stock image)

Australians can claim the money by using the unclaimed money search function on ASIC’s Moneysmart website, or by consulting the Australian Taxation Office, state government or Services Australia

Those in Queensland can use the Queensland Public Trustee, while those in the Australian Capital Territory can use the Public Trustee and Guardian.

Western Australians, South Australians and Tasmanians can check their respective Departments of Treasury and Finance, while those in the Northern Territory can check the Territory Revenue Office, the Department of Treasury and Finance and the Public Trustee, according to 9 News.