As BHP defers iron ore expansion, it is clear that Australia will not see another mining boom for a very long time. But under our noses is a boom we do not want or recognise. Yet that boom is capable of generating foreign revenues that will replace a big chunk of the mining boom decline, generate employment and take some of the pressures off federal and state budgets.
Yet, in many areas of Australia, we work very hard to curb this new source of overseas cash. I am, of course, talking about the nationwide boom in apartment development, which is sucking money into Australia from Asia, particularly China, and which is closely linked to increased overseas support for Australian education and tourism.
When linked to tourism and education, overseas apartment purchases (and development) have similar economic benefits to mining exports. But it also changes our cities so there is deep hostility, even though we need the money in the wake of the mining decline. We can't have an apartment boom without higher population growth or we will soon run into a crash but higher population growth is also very unpopular in many areas of the community.
In normal circumstances, NSW would lead this boom and the biggest apartment developer in the state (and Australia), Harry Triguboff, would be the equivalent of the chief executive of the 'Big Australian', BHP.
Whereas Western Australia told BHP and other miners to expand during the boom, Triguboff tells me his greatest problem is still "our planning department in NSW".
"All the time one is fighting the bureaucracy."
Triguboff also unveils a concept whereby both Brisbane and Melbourne can benefit from what is happening in NSW. This is the way the king of the new boom looks at his world.
"The bureaucrats must understand that we are all trying to provide a scarce commodity, which is feeding the country. Once upon a time we thought that apartments were unpopular, so politicians thought it was a good idea to knock apartments.
"Now everyone knows that apartments are popular. So politicians should help. But they are still fighting yesterday's war, which should never have taken place.
"The NSW State Government and the Federal Government cannot stand aside. It is national survival. We hope that the new NSW Planning Minister will install a different culture.
"We read migration is not growing. That is absolutely absurd. We need young people who are willing to work. And millions want to come here.
"The prices of houses in Sydney should keep on rising because that will help other areas attract people from Sydney who will not be able to afford the high prices of houses in Sydney. Since Brisbane is static and Sydney prices are rising, before long people will go to Brisbane."
Now, of course, Harry Triguboff also has apartment developments in Brisbane. But the same population spill over will go to Melbourne where a vast number of apartments are being built with Asian capital, partly because the previous Victorian government gave approvals that were not available in Sydney (Chinese money may save Victoria but sink Abbott, April 20).
And don't forget that Triguboff's Meriton has just bought the remainder of the British Tobacco site in eastern Sydney and has many other sites, so he would be a major beneficiary of any relaxation by the bureaucracy in NSW. But leaving aside Triguboff's self-interest, too many Australians see a boom in overseas investment in apartments and support for tourism and education as something that is bad and should be discouraged, particularly as it is linked to higher population.
When the money was flowing into the country via mining and mining investment that was a luxury we could afford. But we now face cutbacks in social security, health and education spending plus higher taxes to compensate for the mining decline.