Commonwealth Bank’s latest State of the States report, released on 15 September 2026, shows Queensland overtaking Western Australia as Australia’s top-performing economy. South Australia was the biggest improver, rising to second place. For Hong Kong applicants considering state-nominated skilled visas (subclass 190 or 491) or business and investment pathways, the rankings provide useful economic context—although they do not replace the official visa criteria.
How the state rankings are calculated
The CommBank State of the States index scores each state and territory across six equally weighted indicators:
- Household consumption
- Business investment
- Dwelling investment
- Public demand
- Unemployment rate
- Wage price index
The composite score ranks current performance and recent momentum. A lower unemployment rate contributes positively. CommBank has introduced a new GEMR methodology, so the latest results should not be compared directly with older CommSec series.
Q2 2026 rankings at a glance
| Rank | State or territory | Quarterly change | Annual change |
|---|---|---|---|
| 1 | Queensland | ▲1 | ▲3 |
| 2 | South Australia | ▲2 | — |
| 3 | Western Australia | ▼2 | ▼2 |
| 4 | New South Wales | ▼1 | ▲2 |
| 5 | Australian Capital Territory | — | ▼2 |
| 6 | Victoria | — | ▲1 |
| 7 | Northern Territory | — | ▲1 |
| 8 | Tasmania | — | ▼3 |
Queensland: the new number one
Queensland took first place in June 2026, moving up one position from the previous quarter and three places over the year. It ranked in the top three on five of the six indicators. Dwelling investment rose 16.8% year on year, the strongest result nationally, while business investment increased 9.0%.
CommBank economist Harry Ottley described Queensland’s strength as broad-based and consistent. Its leading indicator is dwelling investment, ranked first; household consumption was comparatively weaker at fifth.
South Australia: the biggest improver
South Australia climbed two places to second. Public demand grew 5.6% year on year, the highest among the states, and wages increased 3.6%, also the national high. The counterpoints were household consumption at sixth and dwelling investment falling 1.8%.
Western Australia: still balanced, now third
Western Australia had led four of the previous six quarters but moved to third. Its indicators remained relatively balanced, mostly between second and fifth. Consumption grew 2.4%, dwelling investment 7.4% and business investment 6.6%. Consumption was its strongest measure; unemployment, ranked fifth, was its relative weakness.
New South Wales: investment momentum, but higher household pressure
New South Wales ranked fourth and recorded the strongest business-investment growth at 19.4%. Machinery and equipment investment rose 35.1%, while non-dwelling construction increased 14.3%, supported by the data-centre boom. Household consumption grew only 1.6%, and the state’s high housing costs remain a consideration for families.
What the other states show
- ACT: fifth, with the lowest unemployment rate.
- Victoria: sixth; consumption grew 1.6% and unemployment was 4.9%.
- Northern Territory: seventh; strong consumption and second-ranked dwelling investment, but weaker business investment and wages.
- Tasmania: eighth; public demand fell 5.7%, unemployment was 5.1%, while household consumption remained comparatively resilient.
The data-centre boom and migration demand
New South Wales and Victoria currently lead data-centre activity, but the investment trend is spreading. Private non-dwelling construction is also rising in Western Australia, Queensland, South Australia and Tasmania, while machinery and equipment investment is particularly strong in Western Australia and Queensland.
What this means for Hong Kong applicants
State-nominated skilled visas
Economic performance can help applicants understand where employment, infrastructure and business activity may be developing. However, a higher-ranked state is not automatically prioritised for subclass 190 or 491 nomination. Each state applies its own criteria, quotas and invitation process, and applicants still need to meet the relevant Department of Home Affairs requirements.
National Innovation Visa (subclass 858)
Data centres, advanced technology, health and renewable-energy investment may align with areas highlighted in Australia’s National Innovation Visa priority framework. Priority alignment does not guarantee an invitation: applicants still need an eligible profile, an invitation and evidence meeting the visa criteria.
Business and investment pathways
Applicants considering business or investment routes should evaluate the proposed location, capital requirements, commercial demand and settlement plan together. Economic rankings are one input for due diligence—not investment advice or a promise of visa approval.
Frequently asked questions
Does Queensland’s number-one ranking mean it is the easiest state for migration?
No. The index measures economic performance, while nomination decisions depend on the applicable state programme, occupation, points, evidence, quotas and invitations.
Does the data-centre boom guarantee a National Innovation Visa invitation?
No. It may provide relevant economic context for critical-technology discussions, but the National Innovation Visa remains invitation-only and is assessed against official criteria.
Plan your next step with professional advice
Read our Australian skilled migration overview and review the official National Innovation Visa information. You can also consult the CommBank State of the States report and the Department of Home Affairs invitation-rounds page.
JHM has supported families for 17 years. Contact us for a case-specific assessment by calling (852) 3568 1436 or WhatsApp (852) 9178 8523, or use our contact page.
Important note: visa outcomes, processing times and programme settings vary according to the applicant’s background, evidence, project and the official requirements in force at the time. Economic data changes each quarter and is provided for general information only; it is not a guarantee of approval or investment advice.