Conclusion

The Bill will improve the current arrangements for unclaimed bank accounts, life insurance policies, superannuation accounts and company moneys, to help reunite these lost accounts with their owners sooner, and prevent them from being eroded by inflation and fees. The changes include paying interest on unclaimed moneys for the first time, to ensure they maintain their real value over time. This interest will be paid at the rate of CPI inflation and will be tax free.

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