Australia, one of the engine rooms of the decade-long global commodity boom, is forecasting a staggering 90 per cent plunge in spending on projects, calling time on its biggest resources bonanza since the 1850s gold rush.

After a collapse in prices from oil to iron ore, the value of the nation's approved and financed mining and energy projects is forecast fall to about $15 billion in 2017, from $226 billion at the end of April.

WA Premier Colin Barnett said he expects Roy Hill to ship early in 2016. Credit:Getty Images

Planned iron ore projects worth at least $10 billion have been canceled since October, according to the Department of Industry and Science. Billionaire Gina Rinehart's Roy Hill -- due to ship later this year -- is Australia's last remaining mining project being developed worth $5 billion or more.

"The value of committed projects is about to start declining substantially," Mark Cully, the department's chief economist, said Wednesday in a statement. "It is clear that this will not be offset by new investments coming through the pipeline."