The increase means SMSFs now manage $892 million in assets – up from $796.1 billion at the end of March 2021 – equivalent to 25.9 per cent of total super funds.

This is counter to previous suggestions by the SMSF Association chief executive John Maroney, who said: “I think it’s more likely that we will decline somewhat in percentage terms over the next 10 years, mainly via demographics.”

The quarterly superannuation performance figures also show APRA-regulated funds rising from $2,131.9 billion to $2,337.2 billion over the same period.

The growth of the SMSFs comes as total superannuation assets increased 9.7 per cent to $3.4 trillion. APRA said the growth came down to fiscal stimulus during COVID.

APRA said contributions to its funds rose 16.9 per cent and attributed this to the increase in household savings during the pandemic.

But the authority did say contributions were beginning to revert to long-term trends and weaker investment performance, due to concerns over increased interest rates and rising inflation as well as the doubt brought by the conflict in Ukraine.