Queensland Leads SMSF Growth – But NSW Still Holds the Money
Queensland is becoming the fastest-growing state for self-managed super funds (SMSFs), but new analysis of Australian Tax Office data shows New South Wales – backed closely by Victoria – still controls the bulk of Australia’s SMSF wealth.
The findings come from a new report by James Hayes, a financial planner specialising in superannuation and retirement planning, which examines how Australians are using SMSFs, including how growth and asset concentration vary by state.
While Queensland continues to increase its share of SMSF establishments faster than most other states, its share of total SMSF assets remains lower, reflecting smaller average balances and a higher proportion of newer funds.
“What the data shows is a quiet imbalance between where SMSFs are being set up and where the money actually sits,” says Hayes. “Queensland’s growth is real, but NSW and Victoria still hold the bulk of the capital.”
The report found:
- NSW remains the financial heavyweight, accounting for around 35 per cent of total SMSF assets – a larger share than its proportion of funds.
- Victoria closely follows, with NSW and Victoria together controlling roughly two-thirds of all SMSF wealth nationally.
- Queensland continues to lead in fund growth, increasing its share of SMSF establishments faster than its share of assets.
- Average balances differ sharply by state, with Queensland’s asset share lagging its fund growth, indicating smaller average balances and newer SMSFs.
- Headline SMSF balances overstate the typical experience, with a small number of very large funds pushing the national average to around $1.63 million, while the median sits closer to $930,000.
“Queensland’s SMSF growth story is about entry and momentum,” says Hayes. “These are newer funds being established earlier in people’s working lives, which takes time to translate into large balances.”
He says the data suggests Queensland’s role in the SMSF system is likely to expand over the next decade as those funds mature.
“This is what early-stage accumulation looks like,” he says. “The growth is real – the wealth follows later.”
The findings come as SMSFs nationally surpass 653,000 funds and $1.05 trillion in assets, underscoring Queensland’s growing role in Australia’s retirement landscape.
The geographic divide forms part of a broader report by James Hayes analysing how Australians are using SMSFs heading into 2026, based on the most complete Australian Tax Office data available.
To read the full report, visit the Southern Advisory website.
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About us:
About James Hayes
James Hayes, founder of Southern Advisory, is a licensed financial advisor specialising in self-managed super funds and retirement planning. His work includes analysing Australian Tax Office data to better understand how SMSFs operate at a system-wide level, alongside his work with individual clients approaching or in retirement.
For more information, visit the Southern Advisory website.
Contact details:
Georgia Madden at UR Digital