The SMSF sector has grown consistently for years, but recent data shows the pace is sharply accelerating. From June 2020 to December 2025, the total number of SMSFs has grown from 562,315 to 663,867 — an increase of over 100,000 funds in just five years. Net new registrations in 2024–25 reached 30,917, nearly triple the net growth recorded in 2021–22.

What’s driving this surge? Industry analysts point to lower online establishment costs, growing awareness of SMSF benefits among mid-career professionals, and a broader desire for investment autonomy. The December 2025 quarter — historically quieter for new fund registrations — comfortably broke the previous Q4 record of 9,776 set just one year earlier.

As of December 2025, Australian SMSFs collectively hold $1.06 trillion in assets — roughly one quarter of Australia’s entire superannuation pool. The investment choices of SMSF trustees differ markedly from industry and retail funds, reflecting the sector’s appetite for direct ownership and diversification.

Listed shares remain the dominant asset class at $282.7 billion (26.6% of total assets), reflecting SMSF trustees’ preference for direct equity ownership with full transparency over fees and returns. Cash and term deposits hold $166.1 billion — a historically high allocation that suggests many trustees are keeping powder dry amid market uncertainty, or holding liquidity to fund pension payments. Unlisted trusts account for $139.4 billion, and property — both residential ($60.9bn) and non-residential ($116.7bn) — together represent nearly $178 billion of the sector’s portfolio.

Perhaps the most compelling story in the data is the trajectory of total SMSF assets. From $705 billion in June 2020, total SMSF assets have grown to $1.06 trillion by December 2025 — a 50% increase in just five and a half years. This growth has been driven by a combination of market returns, growing member contributions, and a continuous stream of new fund entrants.

Member contributions into SMSFs also reflect growing commitment to the sector. In 2023–24, member contributions totalled $19.9 billion — up from $11.97 billion in 2019–20, a 66% increase over five years. Employer contributions over the same period grew from $5.34 billion to $6.27 billion.

Not only are more SMSFs being established, but the funds themselves are holding more wealth. Average assets per SMSF reached $1,634,608 in 2023–24, up 29% from $1,266,125 in 2019–20. The median fund — a more representative benchmark — grew from $696,314 to $932,572 over the same period.

The ATO data also reveals a shift toward larger funds over time. In 2019–20, just 12.7% of SMSFs held assets above $2 million. By 2023–24 that figure had risen to 17.4%. Meanwhile, the proportion of very small funds (under $200,000) has declined, suggesting smaller investors are increasingly opting for alternative super structures or growing their balances before establishing an SMSF.

One of the most striking trends in the December 2025 data is the age profile of new SMSF members. Among those entering the system in the December quarter, 39.1% were aged 35–44 — the largest single age cohort. A further 18.5% were 45–49, meaning more than half of all new members were under 50. This represents a significant shift from the broader SMSF membership base, where the 75–84 age group forms the single largest existing cohort at 13.7%.

The income profile of new entrants is equally revealing. The most common income range for new SMSF members in December 2025 was $100,000–$150,000, accounting for 25.9% of new members. A further 27.7% earn between $150,000 and $500,000 or more. This income skew reinforces the reality that SMSFs are particularly well-suited for middle-to-high income earners who can benefit from the tax-effective environment super provides.

New SMSF establishments are not evenly spread across the country. In the December 2025 quarter, New South Wales accounted for 38.4% of all new funds — by far the largest share — followed by Victoria at 24.5% and Queensland at 20%. Together these three states represent over 83% of new SMSF activity.

The data consistently shows that the vast majority of SMSFs are established by couples. In 2023–24, 67.9% of all SMSFs had exactly two members — typically couples pooling their superannuation. A further 25.3% were single-member funds. The introduction of six-member SMSFs from July 2021 has had a modest impact, with five-member and six-member funds collectively representing just 0.3% of the sector.

What this means if you’re considering an SMSF

The data paints a clear picture: the Australian SMSF sector is in robust health, attracting record numbers of new members who are younger, wealthier, and more engaged with their retirement savings than ever before. If you’re considering whether an SMSF could work for you, here are the key things to understand: