For Australian investment immigration, it is generally necessary to obtain nomination from an Australian state or territory. The question then arises: which Australian state or territory is the best choice? In addition to considering whether they meet the requirements for Australian investment immigration, applicants often evaluate the economic prospects of different states or territories to ensure that, while immigrating to Australia, they also secure better investment opportunities and maximize their investment returns. According to economic data recently released by CommSec, the economy of New South Wales remains the strongest in Australia, while the Northern Territory has the fastest economic growth rate.
I. New South Wales: A Solid Number One Position
CommSec economist Savanth Sebastian pointed out that the economic development of New South Wales relies on its booming construction sector from the previous quarter. At the same time, business investment, retail, and new housing starts in New South Wales are leading the nation. "It is clear that the position of New South Wales as the top-performing economy in Australia is very solid."
Relevant data shows that compared to the 10-year average, the rate of new housing starts in New South Wales in the second quarter was 76% higher than the decade-long average and 13.3% higher than the same period a year ago. Meanwhile, business expenditure within the state was also 17.6% higher than the 10-year average.
II. Northern Territory: Fastest Economic Growth in Australia
As it stands, the Northern Territory has the fastest economic growth rate in Australia. Driven by large-scale engineering and construction projects, the nominal activity in the Northern Territory is 24.1% higher than the 10-year average.
In addition, the unemployment rate in the Northern Territory is the lowest in the country, with figures 14.6% lower than the 10-year average.
The report notes that, thanks to its gas projects, construction activity in the Northern Territory is also above the 10-year average, with an increase of 30.6%. However, this figure is only one-third of what it was a year ago, indicating that the economic momentum of the Northern Territory is gradually weakening. At the same time, business investment in the Northern Territory has seen a 43% decline.
III. Queensland: Significant Room for Growth
As for Queensland, the report found that its economic performance ranks sixth, but there is significant room for growth, with its housing construction, tourism, and agricultural exports all contributing to its potential. New housing starts in Queensland are 34.2% higher than the 10-year average, and strong coal prices have contributed significantly to the state's economic development.
IV. Victoria: Population Growth as a Double-Edged Sword
Regarding Victoria, its population growth rate in the second quarter was the highest in Australia, and its retail and business investment also ranked at the top of the list. Compared to a year ago, Victoria's economy grew by 6.4%, retail spending was 14.2% higher than the 10-year average, and new housing starts were 30.9% higher.