The latest global trends have led to significant changes in the nature of the world’s economic development. This impact has been particularly strong within the energy sector, forcing many countries to change their approaches to energy management. It is consequently relevant to consider this industry’s current state worldwide. In this research, we have examined the current situation of Australia’s energy sector as well as its prospects for development. In this way, the research focuses on assessing the country’s investment climate in the sector and the potential for further changes within it. The methods used in the study include analysis, modeling, forecasting, induction and deduction. Within the research, the impact that global trends, which are currently representative of the global energy market, have had on the development of this industry in Australia are assessed. Additionally, the inner specifics of the changes within the sector are described and investigated. In particular, the Australian energy sector development strategy is briefly described and trends in renewable and conventional energy production are assessed. The authors also describe the country’s prospects with regard to the current international energy market situation and the possible risks. This publication creates a new understanding in the energy sector, particularly in Australia, and its renewable and conventional components. Additionally, new data is being generated as part of the country’s economic research.