Beyond the mining boom, Australia needs to train its eyes on a burgeoning economic activity that has been growing by the millions each year, according to Federal Treasurer Wayne Swan.

"Hot on the heels of the mining boom, a consumer boom is gathering momentum," Mr Swan was reported by the Australian Associated Press (AAP) as saying in his latest economic note.

His projection was still based on the so-called Asian Century, major benefit of which Australians have been reaping since the past decade in the form of the resources boom that has been largely fuelling the domestic economy, Mr Swan said.

"Everyone knows sales of iron ore and coal have surged over the past decade, what's less appreciated is the fact that the exports of services to China are increasing quickly as well," he added.

Since the last decade, the Australian economy has been witnessing the influx of Chinese consumers into the country, seeking and paying for its offerings in tourism, education and manufactured products, Mr Swan said.

The growth in the sectors, according to the Treasurer, have been pegged at around 17 per cent since the last 10 years or some 10 million Asian consumers, most of them Chinese, flocking into Australia every year and further firing up the local economy.

Mr Swan cited the new growth possibilities while insisting that national productivity must remain a focus by the federal government and the business community with equal share of responsibility on the part of the labour sector.

"We need a fair dinkum approach from government and business," he stressed.

At its present growth pace, Australia, the Treasurer reported, was among the best in the world but he noted too "we can still do better."

"We mustn't be satisfied with standing still, because the rest of the world won't," Mr Swan added.

As federal authorities create the general environment for national productivity, main economic players such as workers and business leaders must also flexed their muscles in ensuring that Australia will remain competitive, which could mean the adoption of crucial changes.

On the part of the government, efforts were ongoing to improve business regulatory measures and to provide advance infrastructures that would enhance the functions of commerce in and around Australia, Mr Swan said.

He pointed to the technological advantages that will be delivered by the $36-billion national broadband network (NBN), currently rolling out, and the newly-implemented carbon pricing and mining tax, which respectively advocates for an advanced but green economy in Australia and the fair distribution of the mining boom benefits.