CHART: The Budget Papers show Australia's economic transition will be complete in three years

Getty/Stephen-Pond

The Budget at first pass looks like exactly the shot in arm the Australian economy needs.

Clearly the Federal Treasury thinks so as well with the budget papers forecasting that “stronger non‑mining business investment is expected to drive an increase in growth to 3¼ per cent in 2016‑17.”. That means that mining’s share as the driver of Australia’s economic growth will fall from a 55% contribution over the past 3 years to just 16% in the next three years.

Australia, your economic transition is at hand.

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