Today green energy agenda is in the lead position in the media space and scientific community. The countries have put forward ambitious strategies for green energy development: cut CO2 emissions, introduce new financial instruments. Australia is no exception. The country is trying to start a massive green energy transformation, but its effect on the economy of Australia is dubious, especially taking the losses of profit from coal exports into account. The article aims at answering the main question: is massive green transformation necessary for Australia and the ones, which follow it, namely, how can green energy transformation be conducted in the country, what sources of renewable energy are preferable in the country and how does the green energy transition influence the Australian economy? The key findings include: the proof of the non-necessity of massive green energy transformation in Australia, the proof that solar and wind power are the most effective renewable energy resources in the country and the proof that Australia should slow down the green energy transformation if it wants to preserve its economic prosperity.