In fact, the economy grew by 3.3 per cent in 2016.
But, on balance, probably not.
The trajectory will more likely run something like the figures I've projected below, with the downturn more or less finishing over the next 12 months, and the outlook for Australia's economy improving thereafter.
Looking at where things are at today, the likely actual answer is that mining investment will eventually sink below 3.5 per cent of GDP, but perhaps not by that much.
A sensible question to ask here would be: why shouldn't investment fall as low as it was before the start of the resources?
In particular, iron ore export volumes - which are presently tracking at just shy of a massive 200mt per quarter, about four times the volumes seen in 2003 - are forecast to surge considerably higher still over the next half decade, and that alone will require billions of dollars of investment in the Pilbara as ore bodies are depleted.
And then LNG investment will eventually come back into the frame, although not for a few years.
For these reasons, investment is likely to continue accounting for a greater share of the economic pie than was the case before the resources boom kicked off.
Meanwhile a lift in public sector capex and non-residential construction will also help to offset the last of the mining downturn to some extent.
Overall, there is a bit of a way to go as some of the massive gas construction projects approach their production phase.
But the end of the major downturn is in sight, possibly even within the next year, which is great news.