SMSF Performance Report · May 2026 · 6 min read · Data: ATO December 2025
With the SMSF sector now holding over $1.06 trillion in assets across 663,000 funds, the data tells a clear story — some asset classes are pulling ahead. Here is what the latest ATO statistics reveal about where trustees are winning and where opportunity remains.
Sector Overview — December 2025
| Metric | Figure |
|---|---|
| Total SMSF assets | $1.06 trillion |
| Total funds | 663,867 |
| Total members | 1,224,936 |
| New funds (Dec quarter alone) | 11,822 |
| Median fund size | $932,572 |
The ATO’s December 2025 quarterly statistical report confirms the SMSF sector’s strongest growth period on record — 11,822 new funds established in a single quarter. Listed shares dominate allocations, but property is quietly holding its ground, and crypto is growing from a near-zero base.
Asset Allocation — December 2025
| Asset Class | Value (AUD) | % of Total | Trend |
|---|---|---|---|
| Listed shares & trusts | $282.7B | 26.6% | Stable at 28% |
| Cash & term deposits | $166.1B | 15.7% | Unchanged YoY |
| Unlisted trusts | $139.4B | 13.2% | Growing |
| Non-residential property | $116.7B | 11.0% | +25% since 2021 |
| LRBA assets | $75.0B | 7.0% | Stable |
| International shares | ~$75.0B | 7.1% | Growing |
| Residential property | $60.9B | 5.7% | +26.4% since 2021 |
| Crypto assets | $3.25B | 0.3% | Fast growing |
Source: ATO SMSF Quarterly Statistical Report, December 2025
Asset Class Breakdown
1. Listed Shares & Trusts — Dominant and Unwavering
$282.7B | 26.6% of total SMSF assets
Listed shares remain the single largest SMSF asset class. The allocation held at 28% year-on-year despite market volatility — showing trustees are long-term holders, not reactive traders. ETF adoption within this category is growing, with many trustees using them for low-cost diversified equity exposure.
Allocation: steady at 26–28% since 2022
2. Property (Combined) — $177.6B and Holding Strong
$177.6B combined | 16.7% combined allocation
Combined residential ($60.9B) and non-residential ($116.7B) property represents $177.6 billion — nearly 17% of all SMSF assets. Non-residential (commercial) property outweighs residential at 11% vs 5.7%, reflecting better yield characteristics in commercial assets. Residential property has grown 26.4% since June 2021, while non-residential grew 25% over the same period.
- Non-residential (commercial) property: $116.7B — 11.0%
- Residential property: $60.9B — 5.7%
3. Cash & Term Deposits — $166.1B Held Defensively
$166.1B | 15.7% of total SMSF assets
Cash remains the second-largest individual asset class. Despite elevated interest rates, this allocation has been broadly unchanged for two years — suggesting trustees are using cash for liquidity management and pension payments, not as a return driver. Rates may have improved the yield, but allocation intent remains defensive.
Allocation flat year-on-year at 15–16%
4. International Shares — Quietly Growing
~$75.0B | 7.1% of total SMSF assets
International equities now account for approximately $75 billion of SMSF assets — a fast-growing segment as trustees seek global diversification beyond the ASX. The rise of low-cost global ETFs has made international exposure increasingly accessible within SMSF structures.
Growing allocation — driven by ETF accessibility
5. LRBA Assets — $75B in Leveraged Property
$75.0B | 7.0% of total SMSF assets
Assets held under Limited Recourse Borrowing Arrangements total approximately $75 billion, though actual borrowings outstanding are lower at around $29 billion (2.7%). This confirms that most LRBA-held assets are significantly paid down over time. Most SMSF lenders cap LVRs at 70–80% for residential LRBA property in 2026.
Outstanding borrowings: ~$29B (2.7% of assets)
6. Crypto Assets — $3.25B and Under the Microscope
$3.25B | 0.3% of total SMSF assets
Crypto assets held in SMSFs reached $3.25 billion as at December 2025 — up from near-zero just three years ago. While still small, the ATO has significantly increased compliance scrutiny of crypto holdings, requiring proper valuation, ownership documentation, and sole purpose test compliance. Trustees holding crypto must ensure their investment strategy explicitly permits it.
Property Spotlight: $177.6B and Growing
Property is the most tangible, controllable asset class available to SMSF investors — and the numbers reflect sustained confidence. Residential property alone has grown 26.4% since June 2021. With negative gearing restrictions now explicitly carving out SMSFs, the structural advantage of holding property inside super has never been clearer.
| Value | Detail | |
|---|---|---|
| Non-residential property | $116.7B | Commercial, industrial, retail |
| Residential property | $60.9B | Investment residential |
| Residential growth since Jun 2021 | +26.4% | ATO data |
Key Takeaways for SMSF Trustees
- Listed shares remain dominant — and allocation has been rock-solid through volatility
- Property is growing — residential up 26.4% since June 2021, structural advantages strengthened by the 2026 budget
- Cash is defensive, not opportunistic — trustees are not chasing yield; they are managing liquidity
- International shares are rising — ETF-driven diversification is becoming a standard practice
- Crypto is real but scrutinised — growing fast but ATO compliance expectations are high
- LRBA borrowings are modest — most leveraged assets are largely paid down
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General information only. Not financial or investment advice. All data sourced from the ATO SMSF Quarterly Statistical Report, December 2025. Please consult a licensed adviser before making investment decisions.