Australian SMSF balances grow amid proposed regulatory reforms

Self-managed superannuation funds (SMSFs) in Australia are seeing significant growth in both membership and asset balances. According to the ATO, the number of SMSFs rose by 7.4% to 680,301. Data from Class indicates that the average assets per SMSF reached $1.88 million as of June 30, 2026, while the average assets per member stood at $1.01 million. High-balance funds are also increasing, with 27% of Class SMSFs holding balances above $2 million in FY25.

In response to the scale of these funds, which represent nearly a quarter of the $4.7 trillion held in Australian superannuation, the government has announced reforms to protect member assets. Assistant Treasurer Daniel Mulino introduced changes that include mandatory exams for new SMSF trustees, new rollover blocks, and increased annual levies. These measures aim to address concerns regarding the appropriateness of SMSFs for certain investors, with some industry experts suggesting that regulated public offer schemes may provide safer alternatives for many.