Earlier this week Australian quarterly GDP was reported at just 0.2 per cent. It was a disappointing number, less than half what economists had been expecting and another in a long series of "slow" growth figures.
For investors these numbers are crucial - and though slower growth is often explained by lower real interest rates and tighter regulation in financial services, the other key issue is demographics, or to be specific, ageing demographics.
It is well known that the world is getting older - the proportion of the world's population aged over 60 will double to 22 per cent by 2050. 
Within the next three years, the number of 65-year-olds will outnumber those under the age of 5 for the first time ever.
The inversion of the worlds' age mix has profound implications for an economy. An older population puts pressure on government health and aged-care budgets, increases the financial burden for future generations, and puts downward pressure on productivity growth. In short, as the population of a country ages, its economic growth rate declines.
Less well known is the implication this shift has for investors. Lower economic growth implies lower expected returns across all asset classes. And because this shift is structural in nature, expected returns will be lower for longer.
This then presents one of the greatest challenges investors have had to face in several decades: in a world where there is less growth, lower returns, and therefore less room for error, how does an investor achieve their investment objective?
Many investors have responded to this low-growth environment by stretching for yield - moving outside of their traditional comfort zone into asset classes that seek higher returns.
The problem with this strategy is the unintended risk that comes with the higher return.
High yield bonds, for example, have been a popular choice for the return chasers.
Many investors, however, probably would not appreciate the illiquidity risk such an investment comes with - the exit door in these instruments is narrow.
The other option is to lower your expectations of what a good return from investing looks like.
Certainly the Reserve Bank has been a keen advocate of encouraging companies to revise down their hurdle rate on new investments.
Like trying to turn the titanic, however, changing expectations is a long-term process.
A third option for investors navigating through this new, older, "normal" is to do something different.
As is the case in the aftermath of any great structural shift in an economy, today's investors are being forced to rethink long-held investment rules and assumptions that were designed under different circumstances. Here are some ideas : â€¢ It is no longer sufficient to just set and forget an investment strategy. â€¢ We need to keep in mind that equity investments can lose money over a 10-year period.
â€¢ We also need to remember bonds are not necessarily risk-free investments. â€¢ Also, risk management is as important as return management. â€¢ Finally, take note that liquidity cannot be taken for granted. The approach to investing needs to evolve. Traditional, long-only multi-asset investing is no longer sufficient. The investment climate is vastly different today compared to 30 years ago.
It is still possible for investors to achieve their target investment returns, without taking unintended risk.
For multi-asset investors this means having the freedom, using new tools and instruments, to invest in as broad an investable universe as possible; being liquid enough to be nimble to take advantage of short-term movements in the market; and being conscious of the risks - intended and unintended.
Most importantly, risk management needs to be integrated into the investment process, instead of being an appendage to it.Tracey McNaughton is head of investment strategy at UBS Australia and New Zealand.