Superannuation

The SMSF sector continues to thrive, with steady growth in fund numbers, assets, and member participation. Despite increasing expenses and shifting investment trends, SMSFs remain a powerful vehicle for retirement savings. More members are transitioning into the retirement phase, leading to rising benefit payments, while newer funds are entering the market with larger initial balances.

With a strong preference for shares, property, and cash, SMSFs are adapting to economic shifts while maintaining flexibility and control. The rise of corporate trustees and the dominance of two-member funds reflect evolving governance preferences. As the sector matures, balancing compliance, investment strategy, and long-term sustainability will be key. Whether you’re an investor, adviser, or SMSF member, staying informed on these trends will help you make the most of your self-managed super journey.

Here’s a breakdown of the latest insights for June 2024.

For the financial year ending 30 June 2024:

The number of Self-Managed Super Funds (SMSFs) reached 625,609, reflecting a 4.5% increase compared to 30 June 2023.
A total of 32,747 new SMSFs were established during the year, marking a 21% rise from 2022-23.
The SMSF sector comprised of total over 1.15 million (1,152,792) members.
SMSFs collectively held $990.4 billion in assets, up by $69.2 billion (7.5%) from the previous year.

Over the five-year period leading to 30 June 2024:

The number of SMSFs grew by 11%, averaging an annual increase of 2.2%.
On average, 27,000 new funds were established each year, or more than 2,000 per month.

Total assets held by SMSFs surged by $275.8 billion, representing growth of 39% in total superannuation assets under management.

For more information, please visit the ATO webpage for their self-managed super funds statistical overview 2022–23, with further key data on the sector. Self-managed super funds statistical overview 2022–23. This report has been developed taking into account valuable feedback from the super industry.