Queensland's two-speed economy is drawing to a close.
Deloitte Access Economics analysts say a resurgent non-resources sector is expected to play an equal part with mining in powering the state's economic prosperity moving forward.
Mining will continue to sustain Queensland's population for decades to come, Deloitte analyst Ian Harper said on Thursday, but the halcyon, big spending days are over.
In its place, re-invigorated construction, retail, tourism and health sectors are predicted to become the state's big employers.
"The story here is a very bright story for Queensland, don't get caught in the idea the mining boom has come to an end, it has not," he said.
"What has happened is the first phase of the mining boom has peaked, the second phase will peak soon and it will be replaced by the third phase which will last two decades or more.
"In the meantime, there is substantial evidence that the other industries that have been doing it tough as the mining boom has been in the height of its growth will gradually pick up to replace what the mining has been doing."
The non-mining sector industries expected to experience the biggest growth in coming years, Professor Harper said, are health care and social assistance, education and training and professional, scientific and technical services.
"The 'Smart State' strategy is likely to continue to pay off for Queensland," he said.
The housing industry is also predicted to recover, while mining-centric industries such as engineering construction are expected to continue to dive.
Professor Harper said the second and third phases of the mining boom were far less labour intensive than the first and so it was important Queensland continued to upskill its population.
Deloitte anticipates the biggest employers in the next decade will be the retail trade, construction and accommodation and food services sectors.
Professor Harper said much of this employment would be driven by the return of Queensland's once-formidable tourism trade, which is expected to recover following the normalising of the Australian dollar.
However, while he said there would be short-term pain, including rising unemployment, for the next 18 months, that was not expected to continue.
"The lesson for people is what they are seeing now is not a predictor of where we are going to be in two years time," he said.
"This is a phase that the economy is passing through and that phase will broaden out into a recovery of exports and the non mining part of the economy which will see us growing at or above average into the future."
Professor Harper said Queensland was in a unique position to benefit economically from the unprecedented boom of the Asian middle classes.
"As the Asian middle class grows, they will want the sort of things we want, which is a whole range of services, a higher standard of living, all of that we can help to supply," he said.
"We are talking of hundreds of millions people.
"To be facing the most rapidly expanding of the middle class within our region in known history is something that is going to have opportunities for Queenslanders."
Deloitte's Queensland Index for the last financial year unsurprisingly showed a sharp down turn among the mining industry among ASX listed companies.
But it wasn't all bad news, with banking, travel and retail companies recording large increases in market capitalisation.
- Suncorp Group (($4.9 billion)
- Flight Centre ($2.05 billion)
- Super Retail Group ($941 million)
- Cromwell Group ($870 million)
- Bank of Queensland ($731 million)
- Discovery Metals (-$555 million)
- PanAust (-$529 million)
- Echo Entertainment Group (-$418 million)
- ALS (-$371 million)
- Billabong International (-$368 million)