Three million Australians are a step closer to being reunited with around $6 billion worth of lost and unclaimed superannuation, thanks to legislation passed by the Coalition Government

The legislation will also see exit fees banned and excessive fees on certain accounts capped, saving 7.2 million Australians hundreds of millions of dollars in the first year.

With 15 million Australian superannuation members and $2.7 trillion worth of superannuation savings, making our superannuation system work for members is part of our plan for a stronger economy.

UPDATE: since the introduction of the "Protecting Your Super" package the ATO has reunited more than 2.1million lost or forgotten superannuation accounts - worth around $2.8billion - with their rightful owners.