How does Australia compare to Malaysia and New Zealand for AI infrastructure investment?

Malaysia leads on scale: Johor alone holds 51 approved projects worth RM182.96 billion and a 4.6GW AI-only pipeline. Australia’s competitive ground is certification clarity, with the HCF framework, federal expectations and DCA × DC Byte forecast giving a more structured procurement environment. New Zealand has emerged as a complementary sovereign play behind AWS’s US$7.5 billion Auckland region and Microsoft’s 100 per cent renewable Aotearoa cloud region.

Which ASX-listed Australian data centre stocks are leading the rally?

NEXTDC (ASX:NXT) traded around A$14.19 in May 2026, up roughly 25 per cent in two months, with broker consensus targets near A$21.16. Goodman Group (ASX:GMG) sits at A$31.30 (15 May 2026), up 11.6 per cent in the past month, with 73 per cent of its A$14.4 billion pipeline now in data centres. Macquarie Technology Group (ASX:MAQ) trades at A$76.53 on the same date, up 14.3 per cent over the past month and 20.5 per cent year on year, sitting behind the NRFC hybrid and the 47MW IC3 Super West facility due September 2026. Infratil (ASX:IFT), majority owner of CDC, surged about 12 per cent on 6 May 2026 to A$11.83 after CDC signed Australia’s largest-ever 555MW data centre contract, taking total CDC contracted capacity above 1GW; IFT is up roughly 23 per cent year to date, the NZX line hit an all-time high of NZ$15.20 on 7 May 2026, and CDC operating earnings are guided to at least A$1 billion in FY2027-28 from around A$400 million this year. Sharon AI and Firmus will join during Q3.

When will the HCF reforms be completed?

The Department of Home Affairs paused new HCF Certification registrations on 3 November 2025 pending reform completion. No public completion date has been confirmed, but the federal A$200 million NRFC investment in Macquarie Technology Group signals the reformed framework is expected during 2026, with Q3 the most likely landing window.

Six predictions for Australian data centre and AI infrastructure over the next quarter | Australia Data Centre Index

Six predictions for the next quarter of Australian data centre and AI infrastructure: Sharon AI and Firmus list on the ASX, direct-to-chip cooling becomes the default at 50MW and above, neocloud contracted capacity passes 2GW, the HCF reform window opens, and the DCA × DC Byte forecast becomes the reference set.

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