Prime Minister Malcolm Turnbull says there will be a period of uncertainty after Britain's shock referendum result but insists Australia must be ready to seize opportunities.
Mr Turnbull moved to quell fears after Britain voted to exit the European Union on Friday, insisting the Australian economy remained strong and resilient and had weathered global shocks before.
It's difficult to say when things will return to normal but he urged Australians to seize the opportunities.
"We are living in a period of rapid economic change. We are living in a period of volatility and we have to embrace that," he said.
The Australian sharemarket and dollar took 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.
The result also triggered the resignation by October of the pro-Remain prime minister David Cameron who said new leadership was needed to take his country to its "next destination".
Mr Turnbull said he was disappointed to see Mr Cameron resign but insisted Australia would maintain its close relationship with the UK.
He spoke with Mr Cameron before his resignation and consoled him on the referendum defeat.
"We discussed his next steps and what he announced did not come as any surprise."
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