Britain's exit from the European Union could open up new opportunities for Australia, including a new free trade deal, Treasurer Scott Morrison says.
The surprise decision wreaked havoc on global markets on Friday but Mr Morrison has called for cool heads as the initial shock ripples out in the short term.
The Australian economy copes with shocks and volatility in the global economy all the time, he said.
Once things settle down, the longer-term implications will become more apparent and great opportunities could present themselves.
Free trade talks with Britain could be on the cards.
"I wouldn't be surprised if they initiate them as a result of this," Mr Morrison told Sky News.
"We'll engage with both the EU and UK - we have great relationships with both and great opportunities."
Australia is already working with the EU on a new free trade agreement, which Prime Minister Malcolm Turnbull says will continue.
Former prime minister Tony Abbott has also flagged the possibility of a new free trade agreement as a result of the referendum.
"There will be more chance of an Oz FTA with Britain than with the EU," he tweeted, adding the "brave and momentous" decision was made against the advice of people such as himself.
UK Independence Party leader Nigel Farage said leaving the EU gives his country the opportunity for a fresh round of free trade deals.
The Australian sharemarket and dollar have taken a hit while the pound suffered its biggest one-day fall in history as vote counting in the British referendum pointed to a win for the Leave campaign by a margin of 52-48.
Britain's departure from the EU, after 43 years, is expected to take two years as it negotiates individually with each member of the bloc.
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