Home topics small-business-resources general Economy Expert General Economy Eight-speed economy the new challenge for business Loren Webb May 13, 2019 A Brisbane-based advisory firm says Australia is facing an eight-speed economy as an avalanche of conflicting forces converge to create an unprecedented air of uncertainty for business owners. Director Andrew Crealy says when the mining boom was in full swing a decade ago, businesses were grappling with a two-speed economy. “Put simply, this concept explained why many businesses were struggling at a time when national economic data indicated the prevalence of boom conditions. It was a factor that supported high interest rates at a time that the rest of the economy was calling for help,” he says. “A lot has changed since then, but the complexity of business conditions hasn’t. “The challenge is clear for businesses. More than ever they need to be aware of these changes and to be prepared to make adjustments if they are to survive and thrive. “This may include expert advice from an independent professional who can help them navigate the rough waters ahead.” The Australian economy currently comprises a number of key drivers that are not in synch, leading to a serious imbalance of conditions from region to region. The business environment is complicated even further by the friction generated by the new economy of disruption undermining the established hold of traditional industries. However, Mr Crealy says businesses need to take all of these drivers into account when making vital decisions related to growth