Reserve Bank governor Glenn Stevens says Australia needs to prepare itself for the end of the mining boom.

Addressing a business forum at Parliament House in Canberra, Mr Stevens said Australia's per capita GDP in 2020 will be about 15 per cent higher than it is today.

Mr Stevens also said the terms of trade will not remain as high as they are now and that will test the central bank, the Federal Government and industry.

"The economy will adjust to that and that is usually fraught with a certain degree of tension and stress in some sectors," he said.

"It's unavoidable and we should be devoting our energies to helping the adjustment occur smoothly, but nonetheless adjustment has to occur."