The United Kingdom’s economic landscape will change significantly on March 29, when the Brexit separation agreement comes into force. Unless of course the decision is delayed, which is possible.

While many in the UK have their heads in the sand over the potential trade implications and how it will affect their businesses, livelihoods and even travel plans, there are lots of Australians who also think Brexit is far removed and won’t affect them.

We need to start thinking about how the UK’s ugly divorce from the European Union might affect South Australian businesses. In 2017 the UK was South Australia’s ninth largest export destination, exporting $368 million worth of goods and services.

However, economists and businesses have said Brexit may affect which export markets they target. On a positive note, tariffs could fall, making it easier for South Australian businesses to export beef, sheep meat, dairy and other agricultural products.

Other businesses may also decide to re-direct their attentions to Europe, where existing tariffs are a known quantity, or could reconsider whether they should move their London base to the continent.

Businesses need to understand the challenges and opportunities they will face over the coming weeks and months. If you’re an exporter, are you aware of how tariffs might change?

The Federal Government wants businesses to consider the volume of their UK and EU trade and any potential supply chain impacts, along with how a “no deal” scenario could affect them, including residency, education and employment.

If you’re concerned, it might be worth considering legal advice or engaging a migration agent such as Business SA’s services, a customs broker, freight forwarder or logistics provider to help you prepare for changes.

The Federal Government is working to ensure risks to Australian businesses are addressed. However, the separation will be costly – particularly for UK residents – where taxes and costs could rise. The split will see the UK paying the EU roughly $72 billion, which is a massive hit to the British economy. It is estimated that Brexit could have an economic impact of up to 10 per cent on world markets.

Another point of contention is a potential new, politically-charged border with Northern Ireland, complicating trade and travel.

Flights to the UK might also become more expensive due to security controls, immigration changes and higher taxes. But it will be easier for Australians to apply for work visas from December 2020 onwards, giving more people the chance to live and work in the UK.

Working visa changes mean Australians will only need to be “skilled” instead of “highly skilled” to work in the UK. That’s more Australians working in pubs and as nannies as they take part in the post-school rite of passage.

The UK has been one our closest allies since South Australia was founded, and those relationships are essential.

Don’t be complacent. Don’t assume this won’t impact you in all kinds of ways. Stay informed about the volatility it will bring to one of our most important investment and trade partners, the UK, and one of the world’s largest market places, the EU.

This article was published in the South Australian Business Journal on Tuesday 5 March 2019.