Australia, once the miracle economy of the high-income nations, now looks as battered as the rest of the advanced economies as it struggles to grow at an annual rate of just 2 per cent.
Of course, both characterisations are exaggerations, as a closer look at the   June quarter national accounts makes obvious.
The boom in mining investment that pumped up economic growth was temporary, and so now is the subtraction from growth as mining investment declines. 
The economy should look healthier when the last of the big mining projects is completed and the main identifiable contribution of the boom to the national accounts is the strong flow of mineral exports.
The growth rate is in line with the Reserve Bank's forecasts, yet the financial markets can hardly be blamed for pricing in a reasonable risk of a further cut in the Reserve Bank's official cash rate in the next couple of months.
There is plenty in the national accounts to worry about. While mining investment falls away, non-mining investment has refused to expand to take its place despite the record low interest rates.
The detailed capital expenditure data released ahead of the national accounts shows mining investment falling heavily with non-mining investment making only a minimal contribution to growth and with spending by the manufacturers falling almost without interruption for the past three years.
The economy remains heavily dependent for its growth on the housing boom, with strong dwelling construction and purchases of furnishings, clothing and motor vehicles combining to help support demand. Behind the strength of household purchases of durable goods is a fall in household saving associated with the rise in urban land prices and household wealth.
One obvious reason for the reluctance of non-mining businesses to invest has been the excessive strength of the Australian dollar. Now the dollar is down to around US70Â¢ which, in different circumstances, would surely have raised the spirits of our trade-exposed industries. But concerns about the future of the Chinese economy have risen as the dollar has fallen.
Of the advanced economies, Australia is by far the most exposed to a slowdown in China, and the whole of Australian industry (not just the trade-exposed bit) can be excused for being worried.
The terms of trade fell another 3.4 per cent in the   June quarter to take the total fall since its peak in the second half of 2011 to just over 30 per cent.
While the most recent panic about China has subsided, there is still plenty of scope for things to go wrong. China is trying to negotiate a difficult transition from an excessive reliance on investment and exports to more sustainable, consumption-driven growth. At the same time, other emerging market economies such as Brazil are struggling in the turbulence created by the expected shift to more normal interest rates in the United States.
The steel and energy-intensive growth of the emerging markets represents a substantial slice of global demand, particularly for the kinds of commodities Australia exports.
As the International Monetary Fund warned after its annual review of the Australian economy in   June, "the envisaged pick-up in non-resource business investment may remain elusive, a house price correction could knock confidence and demand, and China could slow more sharply".
Moreover, Australia appears to be facing a prolonged period of relatively slow growth even if China and the world muddle through.
That's why at last week's National Reform Summit business was crying out for the government to accelerate economic reform. It is one source of stronger future growth we can control.