Media release
For immediate release
State of Origin in Super: Queensland Is Catching Up, But NSW Still Controls the Money
Queensland may be gaining ground on the self-managed super fund (SMSF) scoreboard, but when it comes to control of Australia’s $1 trillion self-managed super fund system, NSW – backed closely by Victoria – still dominates the money.
The findings come from a new report by James Hayes, a financial planner specialising in superannuation and retirement planning, based on analysis of Australian Tax Office data.
The report shows that while SMSF growth is strongest in NSW and Queensland, the concentration of assets remains firmly weighted toward NSW and Victoria. Together, the two states account for around 66 per cent of total SMSF assets, despite Queensland continuing to grow its share of SMSF fund numbers faster than its share of wealth.
“What the data shows is a quiet imbalance between where SMSFs are being set up and where the money actually sits,” says Hayes. “That gap matters, because it shapes where retirement wealth and financial decision-making are ultimately concentrated.”
The report revealed:
- NSW remains the financial heavyweight: NSW accounts for around 35 per cent of total SMSF assets, a larger share than its proportion of SMSF funds.
- Victoria closely follows: Together, NSW and Victoria control 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.
- Headline SMSF balances overstate the typical experience, with a small number of very large funds pushing the national average to $1.63 million, while the median sits closer to $930,000.
Hayes says the data reflects long-term economic patterns more than short-term behaviour.
“Queensland is growing faster in terms of new SMSFs. But NSW and Victoria still hold the bulk of the capital, which suggests larger average balances and more mature funds,” he says.
Hayes says the contrast highlights what he describes as a clear structural divide.
“This is really a tale of two SMSF phases. NSW and Victoria reflect maturity and accumulated wealth, while Queensland reflects momentum and growth,” he says.
The geographic divide forms part of a broader report analysing how Australians are using SMSFs heading into 2026, based on the most complete Australian Tax Office data available.
Read the full report on 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