“Notably absent from the local stock market [are] leading global technology stocks, leading global healthcare stocks, global consumer brands or Asian exposed high growth industrial stocks, just to name a few,” said Insync.

“As we see the transition of Australia from further declines in manufacturing and a greater reliance on commodities, the outlook for the local economy gets somewhat more difficult to forecast.”

Insync also noted commodity prices have adjusted as the mining boom slows and the level of supply increases.

“A question that investors should be asking themselves is where growth will come from going forward if the mining sector is not the driver,” said Insync.