Investment in resources and energy commodities grew and diversified in 2024, with Australia now hosting 455 major projects spanning new energy and traditional commodities.
The 2024 Resources and energy major projects (REMP) shows major resource and energy projects in Australia rose to 455 as at 31 October 2024 (from 421 in 2023). The value of committed projects declined from $77 billion to $65 billion as projects progressed to completion.
Highlights from the 2024 REMP include:
- A total of 21 major projects (worth $10 billion) were completed in 2024.
- Oil and gas projects continue to make up the largest share of committed projects, with $38 billion worth of projects in this category.
- Critical mineral projects continue to be an important part of Australia’s major projects list, despite challenging market conditions. Around a quarter of both early-stage and later-stage projects in this year’s list were for critical minerals, with $20 billion of proposed investment for later-stage projects.
- The project list for gold remains healthy, propelled by high global gold prices.
- Iron ore projects remained relatively stable in 2024, but several new green steel and green iron projects commenced.
- Infrastructure projects continue to facilitate Australia's resource and energy industries, totalling $3 billion of committed projects in 2024.
