Scott Morrison's secret cash: How the prime minister has a tidy sum of money sitting in an unclaimed bank account – and so might you
About $1billion in unclaimed cash is sitting in old bank accounts across Australia - including $600 Scott Morrison appears to have forgotten about.
The prime minister's money is lying in an unused St George Bank account he last used about 20 years ago.
If a bank account remains dormant for seven years, the money in it is seized by the Australian Securities and Investments Commission and transferred to the Commonwealth of Australia Consolidated Revenue Fund.
Scott Morrison (pictured left) and his wife Jenny , who still haven't made plans to collect the $600 they are owed
But the money is always redeemable by the rightful owner and there is no time-limit in which to claim the cash.
That's good news for the prime minister and his wife Jenny, who still haven't made plans to collect the money after being informed by various newspapers several times over the last few years.
The Daily Telegraph alerted the then Treasurer about the cash five years ago.
At the time, he thanked the reporters for bringing it to his attention and urged others to go the government website to check if they might be in a similar position.
'I suspect my situation is no different to many Australians... I can understand why many Australians are unaware of these issues or may be too busy to look into them, but if people are owed money they should be given the opportunity to claim it,' Mr Morrison said.
About $1billion in unclaimed cash is sitting in old bank accounts across Australia and the government is urging everyone to go and check if they're owed money
Last year Mr Morrison was reminded by the Australian Financial Review yet again while he was on holiday in Hawaii during the height of the bushfire crisis.
'A spare $600 could buy several rounds of Mai Tais, or Blue Hawaiis, or Singapore Slings,' the article advised.
Other famous names who are owed piles of cash include the late billionaire Kerry Packer with $15,000, Sydney Swans AFL star Buddy Franklin with $520 and US Open Tennis winner Sam Stosur with $1,219.
According to ASIC, most unclaimed money goes forgotten when people change address or go overseas and forget to update their details with a financial institution or company.
A Queensland Public Trust spokeswoman said anyone who didn't claim money from a real estate, solicitor or from a loved one who died, could also be a beneficiary.
'Many people are both surprised and delighted to find there is money owing to them, so we encourage you to search online and check to see if we can reunite you with some long forgotten funds,' the spokeswoman said.
You can carryout a free search at www.moneysmart.gov.au to find out if you're owed any money.
Cash held after July 1, 2013, is even payable with interest.
According to ASIC most unclaimed money happens when people change address or go overseas and forget to update their details with a financial institution or company