"The urgency to actually find a replacement for mining investment has become quite acute, " said Brian Redican of Macquarie Bank.

BBC: BHP Billiton Western Australia iron ore mine

"It's spectacular employment growth, " said Brian Redican, a senior economist at Macquarie.

BBC: Australia adds 71,500 jobs, the biggest jump since 2000

"First-home buyers need to know that rates are going to stay down for them to have the confidence to jump into the market, " said Brian Redican, a senior economist at Macquarie.

BBC: A for sale sign in front of an apartment block in Australia