Businesses will have to ride out an economic transition period as the country moves to a new stage of growth.

ANZ's chief economist, Cameron Bagrie said economists are waiting for new drivers of growth to take over, after housing and migration appear to have peaked.

He told Mike Hosking both the economic cycle and government intervention will bring about the next phase, which businesses will have to ride out.

"So at this stage it's a confidence game. You know we are going to go through a little bit of economic change in regard to where the policy platform is going. Change is not the problem, the issue is whether you can take people along for the ride."

Cameron Bagrie said a lift in wages, commodity export increases and Government spending will likely form the base of new growth.

LISTEN ABOVE AS CAMERON BAGRIE SPEAKS WITH MIKE HOSKING