Economists say the long-awaited transition away from a mining-based economy may actually be happening.

Stronger-than-expected investment in the June quarter has seen a rise in private sector capital expenditure (capex) stats of about 0.8 per cent over the quarter, seasonally adjusted.

Forecasts predict businesses will be far more bullish about spending.

The most recent estimate of spending for the 2017-2018 financial has come in almost 18 per cent higher than the previous estimate three months ago.

However, expectations and capex are lower compared to the June quarter in 2016.

Capital Economics analyst Paul Dales says capex is about 30 per cent lower than the 2012-2013 peak.

“We shouldn't get too carried away,” Mr Dales told reporters.

“So investment isn't going to power the economy forward. But the outlook for investment is certainly brighter than it has been for a number of years.”

The rise more than two years of slowing investment as big resources projects reach completion.

The Reserve Bank has marked a $12.5 billion increase in equipment, plant and machinery spending.

Deutsche Bank's Adam Boyton said it was good news, but is not getting too excited yet.

“With the mining investment withdrawal now largely complete, that expected growth in non-mining capex should see business investment make a moderate contribution to GDP growth over the coming year,” Mr Boyton said.

“With a large share of investment imported, however, much of that growth will also leak offshore in the form of imports.”

CitiBank's Josh Williamson said it was still a sign of budding recovery.

“We are cautiously optimistic that this represents the end of mining investment hangover and some sustained signs of life in services investment,” Mr Williamson said.