Australia's share of imports came down to zero from 68.4% in January-February 2020, according to the data, while the United States boosted its share to 9.1% from under 2%, and Canada went to 12.1% from 6.1%.
However, the conservative government has often ruled out any changes to taxes for investment in housing and is unlikely to follow New Zealand's example.
On Wednesday, Assistant Governor Chris Kent reiterated the RBA's lower-for-longer rate view while signalling monetary policy will not be used to control asset price gains.
Three-year bond yields at 0.12% remain pinned near the RBA's target of 0.10%, while commercial bank balances at the central bank have ballooned to over A$139 billion as it keeps the system flush with cash.
Job vacancies, retail sales, home building and house prices have all indicated a brisk recovery is underway, seemingly lessening the need for more monetary stimulus.
It is having to pay substantially more for alternative supplies, and there are reports of coal shortages in certain parts of the country, just as winter bites.