Treasurer Wayne Swan insisted the Gillard government has the right economic plan to address concerns that a second minerals and energy boom will create stark differences in economic prospects across states and even regions.

In his weekly economic note, Mr Swan said "We're acutely aware of the challenges that mining booms create in terms of capacity constraints and a higher dollar."

"Which is why our economic plan is squarely focused on strengthening and broadening the economy."

Superannuation adjustments, a slash in the company rate and government investment in infrastructure, broadband, skills and education were cited as key areas of the government's plan.

Mr Swan said the report confirmed the view that Australia was "in the grip of commodity boom mark II," which means a two-speed economy where resource-rich states and regions, especially in Western Australia and Queensland, accelerate at a faster pace than eastern seaboard economies more dependent on the service and manufacturing sectors.

While the increasing prospect of interest rate hikes will have an adverse impact on sectors and households still recuperating from the economic downturn, Mr Swan noted Australia was in a better place than many other comparable advanced economies.

"It's a very different story for our American friends, who continue to face high unemployment," he said.