A new report by Newport Consulting has found that around 93% of mining leaders in Australia are not optimistic about their growth prospects for the next year.
A further 82% anticipate that it will take at least three to five years for large-scale projects to start operations.
Leading economist Saul Eslake said: "I don’t expect any major new mining projects to commence in the next few years.
"There is wide consensus that commodity prices will continue to decline as more supply comes on stream globally, while the growth rate of demand for commodities slows. Economic growth will continue at a below-trend pace over the next 12 months, and unemployment will continue to rise."
In addition, the report found that 89% of leaders in the mining industry agree that Australia is no longer the best investment market in the world.
Almost 61% of leading mining professionals acknowledged the issue of a national productivity imperative and admitted that output is on their agenda.
Newport Consulting managing director David Hand said: "Mining leaders are telling us they’ve done all they can to address their business performance, as demonstrated by large cost-cutting exercises and job retrenchments.
"They’ve accepted the new lows hit by the sector and have embraced a government who will listen. However, they want action quickly: less red tape, more flexible IR laws and better infrastructure."
Operational management consultancy Newport Consulting has been conducting research since 2010 every year to find out the views of mining leaders in Australia.
The latest findings have been released based on in-depth interviews held between April and June 2014 with 60 mining executives from a broad range of mining companies.