The research was conducted by economists Professor Sinclair Davidson and Dr Ashton de Silva and commissioned by the Minerals Council of Australia.

With global leaders grappling with climate change, it is expected that nuclear will become a larger contributor to the world’s power generation.

The report’s modelling was based on scenarios developed by the International Energy Agency.

Expansion of Australia’s uranium industry was found to be based on two variables: growth in nuclear power generation worldwide, and growth in Australia’s share of global uranium production.

Despite having a third of the world’s uranium resources, Australia accounts for just 10% of global production.

Uranium mining has only been legal in South Australia and the Northern Territory, though Western Australia and Queensland have reversed moratoriums in recent years.

“With vision, policy reform, and state and federal commitments to increase competitiveness and investment attractiveness, Australia could target a share of global production closer to its resource endowment,” the report said.

The report suggests that Australia’s uranium industry could expand from its current state of around 3000 direct and indirect jobs and $A600 million per annum value, to more than 20,000 direct and indirect jobs and $9 billion value by 2040.

The research predicts Australian uranium could fuel as much as 5% of the world’s electricity generation.

There are a number of uranium projects being progressed in Australia, including Toro Energy’s Wiluna project and Cameco’s Kintyre project, but the companies are waiting on a higher price before pushing the button on development.

The uranium price is currently around $US38 per pound.