The CEC said the level of renewables was at its highest point ever, "putting Australia well on track to deliver the 2020 Renewable Energy Target".
Australia is targeting 33TWh from renewables by 2020. Approximately 17.5TWh of renewable energy was generated in 2016.
According to the report a total of ten wind and solar projects were completed in 2016. Wind provided 20.8% of renewable energy's total generation last year, the second largest contributor behind hydro (42.3%).
"While total investment in large-scale renewable energy was A$2.56 billion ($1.9 billion) last year, A$5.2 billion ($3.9 billion) worth of projects have secured finance in just the first five months of 2017 and have either started construction or will begin this year," CEC chief executive Kane Thornton said.
The industry is beginning to pick up again after years of political stand-off over the target. Now, the CEC is hoping the Australian federal and state governments can provide further clarity beyond 2020.
"Australia is realising the significant benefits of backing the renewable energy industry. For these economic benefits to continue, clear policy direction and support is required beyond 2020," the report stated.