Greater production capacity and the weaker dollar's boost to services exports is helping Australia weather the sharp downturn in commodity prices, HSBC says.
The bank's chief economist, Paul Bloxham, says capacity built up during the commodities boom means iron ore shipments by volume have continued to grow despite softening demand from China, while liquefied natural gas exports are set to triple over the next three years as eight new plants are completed.
Added to the volume gains in bulk commodities and energy, service exports such as tourism and education are benefiting from the lower Australian dollar, he says. 
The Aussie has depreciated about 20 per cent against the greenback in the past 12 months, helped by the country's declining terms of trade and the United States' moves towards monetary tightening.
Two interest rate cuts by the Reserve Bank of Australia - to 2 per cent - this year have helped bring the currency down and smooth the transition away from resources-related infrastructure.
Mr Bloxham said the policy appeared to be working.
"The lower Australian dollar has partly - though not fully - offset the impact on local incomes of the fall in commodity prices," he wrote on Monday.
"Although commodity prices have fallen by 34 per cent in US dollar terms year-on-year, they are only 16 per cent lower in Australian dollar terms.
"Importantly, the lower Australian dollar has also improved the competitiveness of Australia's other exports, including services.
"Tourism and education exports are rising strongly, particularly supported by visitors and students from China.
"As these activities are more labour-intensive than mining, the pick-up in these industries is creating more jobs than the pull back in the mining sector is subtracting."
He said the volume of iron ore exports had risen 7 per cent over the past year, while coal shipments were 4 per cent higher.
Although gas exports had slipped 6 per cent over the same period, most of the new LNG capacity was yet to come onstream.
"Growth in Australia's iron ore export volumes has occurred despite China needing less iron ore overall," Mr Bloxham wrote.
"This reflects that Australia is the lowest-cost producer of iron ore and has been gaining market share in global iron ore trade as higher-cost producers have cut production," he said.
Meanwhile, the lower exchange rate had improved Australia's allure to tourists and foreign students. China, again, drove growth despite its slowing economy.
"Annual visitor arrivals from China have increased by 135 per cent over the past five years, from 400,000 to 940,000 people," Mr Bloxham wrote.
"China has also been a key driver of international student enrolments, which are set to surpass the previous peak seen in 2010.
"So far in 2015, overall international student enrolments have been 11 per cent higher than at the same point last year," he said.
China's expanding middle class, and the same phenomenon in other Asian economies, was also stimulating fresh demand for Australian agriculture, he said.
The Australian Bureau of Agricultural and Resource Economics and Sciences expects Chinese demand for food to double between 2009 and 2050. Beef, sugar, dairy, and sheep and goat meat are forecast to be particularly strong.
Agricultural exports were also expected to benefit from recent free trade agreements with China, Japan and South Korea, Mr Bloxham said.
"These agreements will result in lower tariffs on Australian exports, with a particular focus on agricultural goods, as well as greater access for Australian service providers to enter the domestic Asian markets," he wrote.