Recent commodity price action suggests that the pace of the decline may even accelerate from here.
Here's the chart:
The big picture is that as part of this rebalancing of the economy construction activity - and therefore employment - is shifting back away from the regions and towards the largest capital cities.
The latest unemployment rate figures for Sydney (4.7 per cent), Brisbane (5.2 per cent) and Melbourne (5.8 per cent) may prove to be seasonally low readings, but the smoothed rolling 12 monthly data does suggest that unemployment rates in all three of the most populous cities may just be trending steadily down with the help of low interest rates.
The economy is Sydney in particular is thriving. Indeed, with employment, retail trade and house prices all firing, monetary policy settings are all too easy for the harbour city.
Unemployment rates in Newcastle and Lake Macquarie seem to have steadied of late, but the trend in the Hunter is still upwards for now.
It's likely to be a tough period of adjustment for towns in the Upper Hunter such as Muswellbrook and Singleton, with further job cuts at BHP Billiton's Mr. Arthur reported to be "imminent".
It is worth noting that directly the mining industry is only a relatively small employer, but the reversal of the mining capital expenditure boom will likely have significant flow-on effects to ancillary industries.
Labour market conditions had seemed to be picking up in the Illawarra, but it is nevertheless the case that the outlook for domestic steelmaking remains potentially bleak.
The Australian put it fairly bluntly, stating that the closure of BlueScope's Port Kembla steelworks is "a matter of when, not if".
A recent poll in the Illawarra Mercury showed that more than 70 per cent of respondents believe that the closure of the plant would cripple the Illawarra economy.
Parts of regional Queensland have similar tales to tell. Again, unemployment rates from month to month are volatile and don't tell us a great deal - and labour markets appear to have stabilised in some regions - but the general trend has been towards unemployment rates reverting higher as the resources investment boom phase falls away.
Conversely some tourism regions should benefit from the ongoing depreciation of the Aussie dollar and record numbers of Chinese visitors.