Investment outside the mining sector appears weak, but the RBA says that's not stopping the economy from generating plenty of jobs.
Glenn Stevens, the central bank's governor, says non-mining capital spending is "considerably weaker" than he would have forecast two or three years ago.
And while "animal spirits have improved a bit", there is little sign of any intention to invest more.
"Though when I look at what the economy's actually done, it seems as though we've been generating more jobs growth than we would have thought," he said.
"So somewhere there's economic activity happening, demand occurring, that's in some expenditure component somewhere, I'm not quite sure where, and it didn't require a pick-up - so far, anyway - in non-mining investment."
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
The RBA's assistant governor, Christopher Kent, said much of the recent jobs growth had been in household services industries where the amount of capital need to produce a job was lower than in other areas.
"Very roughly speaking, every person on average in the household services sector, is accompanied by about $100,000 worth of capital," Dr Kent said.
"And that's quite a bit less than in the goods related sectors, and even in some of the business services, where you're talking north of $300-350,000."
It was also likely that there had been declines in investment in businesses linked to mining, like legal services and construction, but counted as non-mining investment.
And reduced investment in utilities was depressing the investment figures.
"We've done a lot of investment in utilities in the past - we've gold-plated everything we could see - and so there's not as much of that happening now."
It was also possible that Australia is using its existing stock of capital more efficiently, Dr Kent said.
