As other countries contend with labour and economic slowdown, Australia conjures on the opposite: Addressing how to downplay the impact of redounding domestic growth on the entire Australian economy.

Treasurer Wayne Swan said in his prepared speech before the New York Stock Exchange on Monday that Australia has embarked on the opposite journey among the Group of 20 countries, who participated in the recent meeting of the world's top finance and central bankers at the International Monetary Fund headquarters in New York.

Australia requires a larger capital to sustain the country's mining growth seen in more than a 100 years, said addressing the New York Stock Exchange on Monday.

In his prepared speech before the NYSE, Swan emphasised that since the so-called gold rush era of the 1850s, it is only now that the same momentum has strongly been felt in the Australian economy.

Swan noted: "Australia is about to embark on its biggest mining investment boom since the 1850s Gold Rush. This pushes us to pick up the pace of reform, to make Australia an even more attractive investment destination," he said.

The increasing requirements of China and India for mineral and non-mineral resources have triggered the pressure to increase iron ore and coal production locally, Swan noted.

According to the Australian Bureau of Agricultural and Resource Economics, recent estimates have been shown that the current pipeline of resource projects in Australia now hovers at around A$360 billion ($355 billion) because of China's and India's demand for iron ore and coal resources.

Mining-investment plans are up almost 50 percent, or five times more than levels six years ago, Swan said.

This economic expansion requires labour and employment, and Swan pointed out Labour administration's plans to lower the company tax rate to 29 percent from 30 percent and to support the infrastructure requirements of building roads, rail and ports.

Global recovery

Swan's reading of the global recovery: "The global recovery is patchy, it's uneven, and it's uncertain.

He said global economic leaders are now faced with the challenge of not just pushing growth within and among economies, but how it can be sustained in the long term.

"Currency reform is an important element of this reform agenda, but it is not the only issue," he said. World leaders failed to meet halfway as to how the recent form of currency manipulations can be abated that may prompt a trade war.