“Australian businesses are carefully monitoring global markets, following the British decision to leave the EU last week,” Business Council chief executive Jennifer Westacott said.

“While the underlying fundamentals of Australia’s financial system remain strong, we are seeing some volatility and uncertainty in financial markets. This can be expected to continue over coming months, as the process for Britain’s exit is clarified, and the impacts become clearer for the UK and its trading partners.

“Global economic uncertainty in the wake of Brexit reinforces the critical importance of consistent policy settings to strengthen Australia’s competitiveness, to repair the budget and pay down debt so that we can maintain our AAA credit rating.”

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