Self-managed super funds now hold more than $1 trillion, and the latest ATO data shows where that money sits. Listed shares and cash remain the two biggest asset classes, but property, trusts and borrowing arrangements also account for a significant share. With the sector growing at a record pace in 2025–26 and Investment strategies under renewed scrutiny in September 2026, the numbers offer a useful snapshot of how trustees are allocating their retirement savings.

The headline numbers

According to the ATO's SMSF quarterly statistical report for the March 2026 quarter, there were 672,805 SMSFs with 1,239,977 members. Total estimated Assets were $1.06 trillion.

The detailed tables published on data.gov.au put total Australian and overseas assets at about $1,057.6 billion. After borrowings of about $29.4 billion and other liabilities of about $10.5 billion, net assets were about $1,017.7 billion.

It is worth noting how these figures are built. The ATO says asset allocation estimates from September 2024 onwards are extrapolated from 2023–24 annual return data, so they are estimates rather than a real-time count of every holding.

Shares and cash lead the way

Listed shares were the largest single asset class, at about $273.3 billion, or 26 per cent of total assets.

Cash and term deposits came second, at about $165.9 billion, or 16 per cent. Together, these two classes made up around 42 per cent of all SMSF assets.

The data also shows some movement over recent quarters. The estimated value of listed shares was about $285.1 billion in the September 2025 quarter, before easing to its March 2026 level. Cash holdings, by contrast, stayed close to $165 billion across the same period.

Property, trusts and borrowing

Beyond the top two, the detailed tables show a spread of other holdings. Unlisted trusts were next at about $139.4 billion, or 13 per cent, followed by non-residential real property at about $120.1 billion, or 11 per cent.

Assets held through limited recourse borrowing arrangements totalled about $80.4 billion, or 8 per cent. Listed trusts and residential real property each accounted for about 6 per cent, at roughly $68.4 billion and $62.7 billion. Crypto assets were estimated at about $3.3 billion, or roughly 0.3 per cent of the total.

Direct overseas holdings remain small in the ATO's classification. Overseas shares, property, Managed Investments and other overseas assets together came to about $26.2 billion, or around 2.5 per cent. Many trustees may gain international exposure indirectly through listed or unlisted trusts, which are counted in those categories.

Why the mix matters for trustees

Aggregate data describes the sector, not any individual fund.

The ATO's annual figures give some sense of scale. For the 2023–24 income year, the median SMSF held about $932,572 in assets, while the average was about $1.63 million. That gap may suggest a small number of very large funds lift the average.

The mix of assets also matters because of the law. Regulation 4.09 of the Superannuation Industry (Supervision) Regulations 1994 requires trustees to formulate, regularly review and give effect to an investment strategy.

That strategy must have regard to the fund's whole circumstances, including risk and likely return, the extent of Diversification and the risks of inadequate diversification, liquidity, the fund's ability to pay benefits and other liabilities, and whether to hold insurance for members.

Diversification, concentration and liquidity

The ATO's guidance on investment strategies says trustees can choose to invest all their savings in one asset or asset class, but warns this can create concentration risk.

Where a fund is heavily concentrated, the ATO says the strategy should document that the trustees considered the risks of a lack of diversification, and explain how the investment is still expected to meet the fund's objectives, including returns and Cash Flow needs.

The ATO also notes that concentration risk is higher for leveraged funds, such as those using a limited recourse borrowing arrangement to buy an asset.

For example, a hypothetical two-member fund with most of its balance in one commercial property may need to show how it would meet expenses and, later, pension payments if the property were vacant or hard to sell. That does not make the investment non-compliant, but it may require careful documentation.

Cash and term deposits can play several roles in an SMSF. They may be used to pay fund expenses and tax, meet pension payments, or hold funds between investments.

Regulation 4.09 specifically requires trustees to consider the Liquidity of investments in light of the fund's expected cash flow needs. For funds with members in the pension phase, having enough accessible assets to pay minimum pension amounts may be an important part of that assessment.

Cash also carries trade-offs. A very high allocation could affect long-term growth, while a very low one may create liquidity pressure, depending on each fund's circumstances.

What trustees may want to consider

The sector data may be a useful reference point, but it is not a benchmark any individual fund is expected to match. The regulation instead focuses on the whole of each fund's own circumstances.

Depending on their circumstances, trustees may want to check that their written strategy reflects how the fund is actually invested, that any concentration is explained, and that liquidity has been considered for upcoming expenses and benefit payments. The ATO says strategies should be reviewed at least annually and after significant events, such as a member joining or leaving the fund.

The bottom line

The ATO's March 2026 data shows SMSFs hold about $1.06 trillion, with listed shares at 26 per cent and cash and term deposits at 16 per cent the two largest asset classes. Unlisted trusts, commercial and residential property, borrowing arrangements and listed trusts make up much of the rest. The figures are estimates based on earlier return data. For trustees, the sector-wide picture sits alongside a legal requirement to maintain an investment strategy that considers diversification, risk, liquidity and the fund's ability to pay benefits.