Amidst the seeming negative effects it also carries, the ongoing Australian resources boom, according to Prime Minister Julia Gillard, is generally beneficial to the country and its positive impacts are set to deliver the goods in the years ahead.

While Ms Gillard admitted that key sectors, such as retail, agriculture and manufacturing absorbs the parallel ill-effects of the country's mining boom, "it is a huge opportunity for growth in our resource sector and great opportunities for jobs and wealth creation as a result."

Speaking at the tax summit being held at the Parliament House, the Labor leader insists that the current mining boom will not be followed by the usual busts that attended previous boom periods in Australia.

"We are in a different economic phase and we shouldn't let the language of 'boom' deceive us ... and it is likely to be sustained for a very long period of time," the Prime Minister stressed as reported by The Associated Press (AP).

Brushing aside the country's gloomy productivity prospects, high local currency rate and the threat of a rising inflation pace over the past three quarters, which economists have mostly blamed on the mining boom, Ms Gillard touts that over the long-haul Australia will be in far better economic condition, thanks largely to the never-ending Chinese hunger for coals and iron ores shipped from the country.

Such reliance, she predicts, will last long enough that no amount of Chinese fiscal policy adjustments will dislodge the momentum that Australian enjoys at the moment.

However, experts have noted that Ms Gillard's assertions seemed to have deliberately ignored the unsettling global developments, in which American and European economies are tethering on the brink of new recessions while China braces for some for snags in the immediate months ahead.

Apart from expressing her optimism on the overlapping benefits of mining boom, Ms Gillard also told her audience that there will be no backtracking on her tax agenda, meaning the minerals resource rent tax and carbon pricing scheme would be simultaneously introduced, as scheduled, by July next year.

She issued assurance, however, that no increase will be imposed on consumption tax, stressing that sufficient revenues were being delivered by the resources sector, which she added was largely responsible for Australia's series of trade surpluses.

Mining activities, Ms Gillard said, also provided some form of insulation during the height of the global financial crisis in 2009, which Australia survived mostly unscathed.