Money becomes unclaimed largely owing to movement of houses and people, in turn, forgetting to update their address in various departments that contain their details.Bank accounts become unclaimed after 3 years if the account is inactive.
Australia’s unclaimed money reserves amount to $677 million dollars. They are rendered unclaimed mostly in the process where people move houses, move overseas or simply forget. Most of it is claimed by bank accounts, shares and life insurance. Over A$50,000 to A$ 300,000 remains unclaimed in each state.
Following link to be used to get the updated stats