At 30 June 2014, the average SMSF member balance was $564,000 (see appendix 1, table 12), which was approximately 14 times the size of the average account balance of non-SMSF members’ of $41,00024. The median SMSF member balance was $338,000.
Graph 9 shows that average and median member balances and fund assets grew by more than 23% in the five years to 2014. Following a marginal decrease in 2012 to both member balances and assets of funds, there was an increase in 2013 and 2014 to the highest over the period.
Graph 9: Asset size, SMSF and SMSF member
The same trend occurred to opening member balances of newly established SMSFs in the five years to 2014 (see appendix 1, table 13).
Graph 10 shows the average and median opening member balance and assets for funds established over the period. The average opening member balance reported by funds established in 2014 was $187,000, a decrease of 1% over the five years to 2014. In contrast, the median opening member balance grew by 28% during the period to $105,000 in 2014.
On average, 52% of members had opening balances between $1 and $200,000, while 27% had a $0 balance in year of establishment. For funds established in 2014, 31% of members had a $0 balance.25
Graph 10: Asset size in establishment year, SMSF and SMSF member
Over the five years to 30 June 2014, the average member balance of male SMSF members exceeded that of female SMSF members by $137,000. In 2014, the average member balances were $473,000 and $613,000 for female and male members respectively. Female average member balance increased by 26% over the period, while male average member balance increased by 20%. 25
24 APRA 2015, Figures on non-SMSF members sourced directly from APRA.25 Based on 2010 to 2014 SAR lodged data.
Over the five years to 30 June 2014, the proportion of members distributed across balance ranges was relatively consistent. There was a small decrease in proportion of members with an asset balance of $200,000 or less, while those with more than $200,000 increased (see appendix 1, table 14).
Graph 11 shows a continued shift in members towards larger balance ranges over the five years. In 2014, the highest proportion of members (30.6%) had a balance of $200,001–$500,000.
Graph 11: SMSF member balance sizes, 2010 – 2014