In its Global Themes 2015 report, CLSA’s Australia-based analyst Scott Ryall says that while the Australian economy is slowing as the resources boom rolls off, commodity prices crumble and business and consumer confidence weakens, there is a good story to tell in the sharp increase in construction activity that should lift the economy over the next two or three years.

This combined with the lower Australian dollar means the nation is an attractive destination for offshore investors as it has increasingly been since the global financial crisis of 2008/09.

“The government is working hard to attract investment. It has identified a number of target sectors to rebalance from resources: tourism, agriculture, education, infrastructure and healthcare,” Ryall said.

He said this fact was not lost on foreign property and infrastructure investors.

CLSA identified $40 billion of mixed-use tourism-related developments across Australia mostly funded by direct foreign investment. It furthered that there is also a $70 billion infrastructure project pipeline which will be funded by so-called “asset recycling”

The Commonwealth has also defined a $50 billion infrastructure program.