Prime Minister Malcolm Turnbull concedes Britain might vote to leave the European Union but argues any uncertainty it generates is more a reason to maintain stable government in Australia.
Opposition Leader Bill Shorten encouraged financial markets to "stay calm" as Australian shares dipped again, extending Tuesday's $30 billion sell-off amid signs Brits will vote to leaving the EU at next week's referendum.
Such a decision could lead to years of instability until the so-called Brexit was complete.
"That will cause a degree of uncertainty in global markets," Mr Turnbull told reporters in Perth on Wednesday.
"It is a reminder that we need to ensure that we have strong, committed, capable economic leadership, a stable government with a clear national economic plan."
Treasurer Scott Morrison avoided saying whether he would spend his way out of trouble should volatility in global financial markets accelerate.
"No responsible treasurer would engage in hypotheticals," he told reporters in Melbourne during a media conference primarily aimed at creating a scare campaign about the risk of a Labor-Green-independents government rather than soothing investors concerns.
Mr Morrison later defended his attack.
"We can't be naive about the risks of global economic uncertainty, including what may result from Brexit," he told AAP.
"But we also can't be naive about how these risks would be exacerbated by a Labor-Greens-independents alliance in government."
On the other hand, the government's budget and economic plan provided the policies necessary to future-proof the economy, he said.
Finance Minister Mathias Cormann also talked around the need for additional spending should the global economy take a turn for the worse.
For the past three years the government had been doing everything that it could to put Australia on the strongest possible foundation for the future.
"This is not the time to change direction," he told reporters in Canberra.
Grattan Institute boss John Daley disagrees, saying annual $40 billion-odd budget deficits over the past eight years had left the economy exposed.
Releasing a new analysis, the think tank urges the next parliament to make budget repair a major priority.
"With interest rates at historical lows, the Reserve Bank can do little more to stimulate the economy," Mr Daley said.
"So the commonwealth budget will be the primary defence in an economic downturn."
Two new confidence surveys showed a lengthy election campaign and market volatility have yet to daunt consumers.
The ANZ-Roy Morgan consumer confidence index eased just 0.3 per cent in the past week, making only a minor dent in the 3.2 per cent rise of the previous week.
The monthly Westpac-Melbourne Institute index dropped to 7.5 per cent in June from 8.5 per cent in May.
