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Hi, we're looking for a safe reliable economic runabout that we're likely to keep for some time. Is a 2012 Honda Jazz with low mileage a good choice?, or a new Nissan micra?

To be honest, any late model, low mileage mainstream car such as these would be a good choice. The Jazz and the Micra are slightly different propositions, with the Jazz being the most spacious in its class and the Micra being a great little city car.
So really, it comes down to which one you prefer as both of these models enjoy a good reputation for reliability.
Other possibilities in this range would be the Suzuki Swift, Toyota Yaris, Mazda2 etc.

We haven't had a small car for many years, so we're on a learning curve as to what we should be looking for :) - the drivers in our family are tall so we're attracted to the space in the Jazz, but we're trying to get our head around a new micra being several thousand thousand dollars cheaper - is there anything else we should consider between the two? We don't anticipate the car doing more than 10,000 km per year, mostly heavy city traffic driving with one driver, but occasionally out of town loaded up. The vehicle would mainly be being used by under 25's. We're looking at 1.3 automatics at the moment. Many thanks.

As I said, the size and space are quite different when comparing these two, so that's the main reason there's such a difference in price - the Micra is still a good car, but it's not really as big.
However (not wishing to throw a spanner in the works) if your family are all tall, is the Jazz even going to be big enough? I'd suggest trying one out to make sure it will fit the bill.
Otherwise, you'll need to look at slightly bigger cars such as the Mazda3, Toyota Corolla, Honda Civic etc, but these will be more expensive so you may need to go a year or two older to get one at a similar price.

As our search continues, we're quite impressed with the Suzuki Swift & the Mazda 2 - anything we should insider between these two? - we've had a look at some low mileage 2012 & 2013 models, & also looking at new 2014 models .... We'd appreciate your advice :)

These two would both be excellent choices. The Swift is a newer model to the market, having been launched around 2010, whereas the Mazda2 is an older model so is likely to be due for replacement sooner.
Having said that, you won't be making a bad choice with either of these models, so the best advice is to buy the one you prefer - reliability should be equally good for both.