For many Australians affected by the Shield Master Fund and First Guardian collapse, receiving a payment from Macquarie into a Cash Management Account (CMA) felt like the end of a long and stressful journey.
After months of uncertainty, many people understandably thought, “Finally, my money is back.”
Some assumed the money had automatically been returned to their superannuation account. Others left it sitting in the CMA, believing the platform would eventually move it somewhere on their behalf. Some withdrew the funds to cover everyday expenses or make purchases, while many simply weren’t sure what they should do next.
The reality is that thousands of Australians have suddenly found themselves responsible for making an important financial decision, often without fully understanding why the money was paid into a CMA, how it is treated for tax and superannuation purposes, or what opportunities it may create.
While every person’s circumstances are different, the arrival of these funds may provide a rare opportunity to strengthen your financial position, reduce debt, improve retirement savings, or create greater financial security for the future.
Before making any decisions, it is worth understanding exactly what a CMA payment is, where the money sits, and the options available to you.

What should I do with it now?”

The temptation is often to leave the money where it is until a decision becomes clearer.
Unfortunately, that can sometimes be the most expensive decision of all.
What many people don’t realise is that cash sitting idle often loses purchasing power over time through inflation and may also represent missed opportunities to reduce debt, improve cash flow or strengthen retirement savings.
The good news is that there does not need to be a single “right” answer.
In many cases, the most effective strategy involves sequencing several decisions together rather than choosing just one option.
Let’s explore some of the smarter ways Australians may think about using money held in a CMA.

Why cash sitting still can cost more than you think

A CMA is designed primarily as a transaction and settlement account.
While it generally earns interest, the return is often lower than what may be available elsewhere.

Imagine Susan, aged 58, has $80,000 sitting in her CMA earning 2.5% interest.

Over one year she earns:
$80,000 × 2.5% = $2,000

After tax, her actual benefit may be significantly lower.
Meanwhile, if Susan has a home loan charging 6.5% interest, every dollar sitting in the CMA is effectively costing her money.

This is where understanding opportunity cost becomes important.
Opportunity cost simply means considering what else the money could be doing.
The question is not:
” How much is my CMA earning?”
The better question is:
” Could this money be working harder elsewhere?”