The mining boom will only last another two years and time is running out to get new mega-projects into production, according to Deloitte Access Economics.
In a report this morning Deloitte said the amount of mining projects slated for development had slowed down.
"The strong bit of Australia's two-speed economy won't stay strong for more than another two years or so," it said.
The economic forecaster also said the current projects in development were the result of previous plans and beyond these developments there was little on the horizon.
"Mining companies are making it clear the current spike in investment is due to decisions taken a while back, whereas we are getting few new mining mega-projects across the line," it said.
Deloitte said the slowing industry also meant the Government would have trouble bringing the budget back to surplus.
But trade minister Craig Emerson told ABC Television today the Government was still confident of achieving a surplus.
Last week resources minister Martin Ferguson said the era of high commodity prices was already behind us and to stay strong Australia needed to be more productive and develop new technology.