Unclaimed money is defined as money that belongs to you but has been lost or forgotten due to a change in circumstance. It could be lost bank accounts, shares, life insurance policies or lost superannuation from changing jobs.
Unclaimed money received by ASIC is transferred to the Commonwealth of Australia Consolidated Revenue Fund after 7 years. The money can be claimed by the rightful owner at any time and there are no time limits. Interest is also paid on unclaimed money so that the value keeps up with inflation.