The figures show the sector is continuing to grow at a rapid rate in both the number of new establishments and the number of members.
As of March 2026, there are now 672,805 SMSFs and 1,239,977 members, up from 661,776 SMSFs and 1,220,976 members in December 2025. In March 2025, there were 633,920 SMSFs and 1,169,025 members, meaning that in the past 12 months the sector has added 38,885 funds (6.1 per cent) and 70,952 members (6.1 per cent).
Colin Williams, founder of Wealth Data, said both funds and members have now grown every quarter – and the rate of growth has clearly stepped up since 2022.
“The sector added just over 11,000 funds in the March quarter alone,” he said.
“This quarter is a historically solid, but not spectacular, quarter for new funds. Not this year. Net establishments (new funds less wind-ups) for the March 2026 quarter reached 11,029, the strongest March quarter on record, and by a wide margin.”
He added that this March quarter delivered roughly 26 per cent more net growth than the same quarter a year ago and more than 2.5 times the net growth recorded in the March 2022 quarter.
“For context within the broader trend, the December 2025 quarter set a Q4 record at 11,646 net establishments and the all-time single-quarter record remains Q3 2025 at 14,612,” he said.
“The last several quarters have consistently run well above the 10,000 net mark, a level the sector had never previously sustained. As always, it is worth noting that there is typically a lag in closure data, as wind-ups can take several quarters to be fully reflected in the statistics.”
The ATO statistics for March 2026 showed that total SMSF net assets have reached $1,017.73 billion (or approximately $1.02 trillion), essentially flat on the December 2025 quarter ($1,017.40 billion) and up from $950.78 billion a year earlier (Q1 2025).
Furthermore, while total assets held their ground, average balances have continued to soften with average assets per SMSF. The average balance was $1,512,667, down from $1,537,381 as at December 2025 (and $1,499,847 in the March 2025 quarter) and average assets per member were $820,765 (down from $833,269 at December 2025 and $813,313 in the March 2025 quarter).
“So, while average balances eased over the quarter, they remain modestly higher than the same point a year ago. The softening is recent rather than a longer-run decline,” Williams said.
“The pattern here is consistent with what we flagged last quarter. Establishments are running at record levels, but assets are not growing at the same pace. This is because new funds typically begin with lower balances and member numbers are rising quickly. There is also a high proportion of funds that are now in retirement phase and members drawing down on their funds.”
Williams said the fact that SMSF net assets held essentially flat this quarter is itself notable.
“The March quarter was the first negative investment quarter in a year, with every APRA fund type losing assets, yet SMSFs were the exception that held flat – supported by the steady inflow of transfers,” he noted.
“The SMSF opportunity for advisers has now more than doubled since 2018 and the latest quarter shows no sign of that trend slowing.”
Williams added that the growth in the SMSF sector “does not sit in isolation.”
“Our companion analysis of APRA data by fund type shows where a meaningful share of this money is coming from and it is increasingly being transferred out of industry funds and into SMSFs,” he said.
“The rolling annual net transfer from industry funds to SMSFs has climbed to $7.76 billion (year to March 2026), up from $7.21 billion in December 2025. A few years ago (in the year to Q1 2022), that figure was only around $0.88 billion.”
This quarter, Williams said, industry funds shed a net $1.91 billion to SMSFs.
“While that eases off the back-to-back records of $2.21 billion and $2.17 billion in the prior two quarters, it is well above the $1.35 billion recorded in the same quarter last year and the $0.94 billion in the March 2024 quarter,” he added.
“Retail funds also lose money to SMSFs, on a smaller scale; $0.64 billion in the quarter and $2.50 billion on a rolling annual basis. This is the engine room behind much of the new establishment activity. The data clearly shows that more Australians are choosing to take direct control of their retirement savings.”
Although it has been well noted that the demographic of new SMSF establishments is veering towards younger trustees, the March 2026 statistics confirm it.
New funds established this quarter are concentrated in the 35-44 age group, the single largest band for new establishments. Across total membership, the 75-84 age group holds the highest share of all SMSF individuals, and a significant proportion of funds have at least one member aged 65 or over – which contributes to the drawdown and retirement-phase activity noted above.
Membership remains weighted toward males (approximately 53 per cent) versus females (approximately 47 per cent), with males making up a higher proportion of both total and new members.
