NSW residents are collectively owed more than $234 million in payments, with the state’s government encouraging locals to come forward and claim their share.
New South Wales Treasurer Daniel Mookhey has delivered his second budget in nine months.
The treasurer unveiled a record spend on social housing as part of a state budget tailored to helping those who need it most.
Mr Mookhey has prioritised stable spending and wrangling debt, as the state grapples with a reduction in its share of GST.
The mammoth sum is comprised of unclaimed refunds, overpayments, share dividends, bonds, uncashed cheques, and unclaimed money from the sale of a property, with locals owed an average of $391.
NSW Finance Minister Courtney Houssos has encouraged residents to cash in on any unclaimed funds by searching the online database at Revenue NSW.
“With $230 million still available in unclaimed money for people in NSW, I encourage everyone to get online, search the register, and get the money that’s owed to you,” she said.
The New South Wales government is sitting on more than $234 million in cash, as it waits for residents to come forward and claim their share. Picture: Supplied
According to the government, a record $21.8m of “unclaimed money” was returned to residents across the state last financial year. But Revenue NSW is still waiting on applications to distribute the remaining funds.
The body – which holds unclaimed money on behalf of organisations that cannot track down people owed payments, refunds, unpresented cheques, dividends, and other money – is calling for residents who believe they could be entitled to some of the free cash to head online and search their database to see if they have any claim.
State Revenue Chief Commissioner Scott Johnston said making a claim was the best way to ensure “more money is being returned to those it belongs to.”
“We want to make sure everyone knows about the unclaimed money register, so they can jump online, find out if any money is owed to them and undertake the process to get it back,” he said.
“That way we can ensure more money is being returned to those it belongs to, rather than sitting with us for extended periods of time after enterprises and organisations pass it on.”
New South Wales Premier Chris Minns says the “big spending” item in the NSW budget is housing which is a “must have”.
The New South Wales Treasurer delivered the state budget yesterday, unveiling a record spend on social housing tailored to helping those who need it most.
“We’ve got an enormous amount of debt in the state … we’re on the way to $180 billion worth of gross debt in the state,” Mr Minns told Sky News Australia.
“The budget, second to last from the previous government was the largest deficit in the state’s history.
“So, we have to be prudent with public money.
“What we have invested in is housing – it’s our big spending item.
“It’s a must-have when you live in Sydney, which is recognised as the second most expensive city in the world.”
While it is free to search and make a claim for a share of the money, applicants must provide proof of identity and ownership information documentation.
This includes one form of primary ID such as a drivers licence or Australian passport, and one form of secondary ID, such as a Medicare Card or a Birth Certificate.
Applicants will also need to demonstrate a connection to the last known address at the time the money was sent to Revenue NSW.
This can be done by providing a rates notice, bank statement, or lease agreement that matches the details in the government’s system.
NSW Finance Minister Courtney Houssos encouraged residents to cash in on any unclaimed funds. Picture: NewsWire/Monique Harmer
Successful applicants can expect the receive their share of the unclaimed money within 28 days.
Some regions of NSW are owed more of the $234 million pot than others, with Newcastle and Lake Macquarie locals owed $7.4 million and Illawarra residents $5.8 million.
However, Sydney’s metropolitan areas are owed by far the most cash, with Sydney City and Inner South residents entitled to $41.2 million, North Sydney and Hornsby locals $25.7 million and those in the Inner South West $18.6 million.