businesses operating internationally. Competition from local and global peers was cited most often as a challenge by surveyed businesses, underscoring continued market intensity across Asia. surpass multinationals in innovation, digital capability and cost competitiveness.26 These firms are more agile, deeply attuned to local consumers, and often willing to pursue longer paths to profitability. Many are now scaling globally, for example, Korean ramen brand Samyang and Chinese toymaker Pop Mart's Labubu characters, demonstrating operating in Australia only. For businesses operating domestically only, the outlook is shaped more by macroeconomic and trade conditions, most often citing slowing growth and tariffs or other trade barriers. By contrast, firms with international operations rank geopolitical risk and regulatory complexity more highly, reflecting on-the-ground experience. underappreciating practical operational challenges, such as geopolitics and compliance, associated with operating in Asian markets. Data note: Respondents were asked to select up to three factors. Percentages do not sum.