The BIS Shrapnel report found any weakening in mining investment is still at least another three years away, and that will help the nation's economy grow by 3 per cent each year over the next few years.
The firm's chief economist Frank Gelber say other industries are only achieving growth by cutting costs, but that will eventually change.
"As mining projects start to peter out, other projects will come through to take their place, non-mining investment in particular will come through," he predicted.
"I think interest rates now are already low enough to stimulate a housing recovery in those states where there's a housing shortage, and I would include WA amongst that."
However, Frank Gelber says talk of the mining boom being over is premature.
"What we're trying to do is to clarify that in WA, for example, we've still got another three years of projects in hand that's going to sustain activity for the next few years before we see any weakening of mining investment," he added.
"So if we're talking about the end of the mining boom, it's not yet."
Dr Gelber says after mining starts declining, there will be more investment in other areas, such as telecommunications and housing.
However, the report predicts there will still be little growth in the manufacturing sector.