We've released the Self-managed super funds: statistical overview 2022–23External Link. They provide an indicator of the health and performance of the entire SMSF sector and indicative information about items such as type of investments and costs incurred by existing funds.The main source of data in the overview is drawn from 2022–23 SMSF annual returns and is supplemented with 2023–24 registration information.Highlights include:Over 625,000 SMSFs hold $990 billion in assets, with more than 1.1 million members, as at, 30 June 2024.on average, SMSFs had assets of $1.55 million in 2022–23, up 21% over the 5 years to 30 June 2023.65% of SMSFs have existed for more than 10 years.43% of SMSFs had assets between $200,001 and $1 million. This accounts for 16% of total of SMSF assets.The median age of SMSF members of funds established in 2022–23 was 47. The median age of all SMSF members was 63 as at, 30 June 2024.The average member balance for females increased by 26% over the 5 years to 2022–23, while the average balance for males increased by 22% over the same period.Our infographics show the key figures from this report.Self-managed super funds: Annual statistics overview infographic 2022–23 (PDF, 1.68MB)This link will download a fileSelf-managed super funds: Members by gender infographic 2022–23 (PDF, 1.36MB)This link will download a fileFor annual reports about self-managed super funds from prior years visit Annual reports.Looking for the latest news for SMSFs? – You can stay up to date by visiting our SMSF newsroom and subscribingExternal Link to our monthly SMSF newsletter.
Brief
"On 2023-24, data from the Self-managed super funds: statistical overview 2022–23 report highlights a significant growth in the SMSF sector. The report shows that over 625,000 SMSFs hold $990 billion in assets, with more than 1.1 million members as at 30 June 2024."
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Purpose
The release of the Self-managed super funds: statistical overview 2022–23 report provides a comprehensive analysis of the health and performance of the self-managed super fund (SMSF) sector. The report serves as an indicator of the overall state of SMSFs, offering insights into their investments, costs, and demographic characteristics.
Effects on Industry
The statistics presented in this report have significant implications for the SMSF industry. Notably, the report reveals that over 625,000 SMSFs hold $990 billion in assets, with more than 1.1 million members as at June 30, 2024. This substantial growth demonstrates the increasing popularity and relevance of SMSFs as a retirement savings option. The report also highlights the diversification of investments among SMSFs, with 43% having assets between $200,001 and $1 million, accounting for 16% of total SMSF assets.
Relevant Stakeholders
The key stakeholders affected by this update are:
- Existing SMSF holders: The report’s findings provide valuable insights into the performance and characteristics of SMSFs, enabling existing fund members to assess their own investment strategies and make informed decisions.
- Potential investors: The statistics presented in the report may influence potential investors’ perceptions of the SMSF sector, highlighting its growth and diversity.
- Regulatory bodies: The data collected for this report will likely inform regulatory policies and initiatives aimed at supporting the development of the SMSF industry.
Next Steps
To respond to this update, stakeholders should:
- Review their investment strategies: Existing SMSF holders may want to reassess their investment approaches in light of the report’s findings.
- Consider diversifying investments: The report’s statistics on investment diversification among SMSFs may prompt potential investors to explore alternative options.
- Engage with regulatory bodies: Stakeholders can participate in public consultations and engage with regulatory bodies to shape policies that support the growth of the SMSF industry.
Any Other Relevant Information
The release of this report marks a significant milestone in the development of the SMSF sector. The statistics presented provide a comprehensive understanding of the current state of SMSFs, highlighting their growth, diversity, and relevance as a retirement savings option.
