According to the energy and metals analyst’s projection, half of this total will be due to expenditures in upstream gas, while iron ore and coal will rank second and third, respectively, in investment dollars.

Iron ore investments will comprise just over 25% of total resource investment this year, reaching a record high of $22 billion.

By 2016, Australia is expected to account for half of global seaborne iron ore trade as major mine and infrastructure developments in Western Australia’s Pilbara region come online.

“The Australian iron ore sector has invested heavily over the past five years, lifting Australia’s share of global seaborne trade from 35% in 2007 to 44% in 2012,” Wood Mackenzie head of global metals and mining supply research Gero Farruggio said.

“Capital investment in the Australian iron ore sector will reach a peak in 2013 as infrastructure construction and mine expansions are completed by the majors and Chinese steel production growth moderates.”

Regionally, iron ore and LNG projects are expected to push resource sector investment in WA and Queensland to $24billion, or 83% of total capital expenditure, in 2013.

Wood Mackenzie head of Australasia upstream research Chris Graham was upbeat on the data, but said new industry commitments would be required to maintain the expected short-term highs.

“The outlook for the next three years confirms the strength of the Australian resource sector as we see investments being made based on decisions taken during the boom years,” Graham said.

“Today’s decision-makers are faced with different challenges in a changing environment.

“A new wave of major gas and iron ore projects are needed to maintain these levels of investment in the longer term.”