How Brexit will impact Australia
With Britain looking to have voted to leave the European Union Lee Smales, a senior lecturer in finance at Curtin University, reveals the impact the key trading partner’s decision could have on Australia, in a cross-posting from The Conversation.
The outcome of the British vote to leave or remain in the European Union (EU) has been resolved – the UK is set to leave the EU.
Since becoming a member of the EU in 1973, Britain’s relationship with Europe has been fraught. The ‘remain’ camp has focused on the positives to trade and investment of maintaining EU membership. And the “pro-Brexiters” have concentrated on the perceived loss of sovereignty, undue regulation, and lack of immigration controls that this brings.
Brexit will bring extreme short-term volatility…
In the short-term, Brexit would lead to turmoil in the UK and global financial markets. In the worst-case scenario it may precipitate another financial crisis.
I have just gone all in on Gold. In at 1300 an ounce and it will be out at least over 2k – bosh.
Interesting from a branding POV that the media (as in Mumbrella’s headline above) called it right from the get-go the BREXIT, and never that I can recall, the REMAIN campaign. Interesting too that the pollsters got it so wrong,
In the Australian context we talked about the ‘Republic Referendum’ and never the ‘Maintain the Monarchy’ referendum. In Scotland they had an ‘Independence’ vote, not a ‘Union’ vote. When the choice is between the status quo and something new, it is not really that remarkable that the something new is what comes to brand the vote.
There is not many bad consequences on Australian share market. People has to think this as just an incident only. UK will suffer from this exit and they have lot of gains as well. There may be some bad effects on some sectors. I think there is nothing to worry for investors because effects of this will be very short..
Brexit probably means yet more bloody expats who can’t crack a job over there. Enough already. This tsunami of second-raters with their affected bovver-boy accents and distinct lack of talent has turned Sydney into Manus Island for poms. No more. Lock the gates!
@Mike – “This tsunami of second-raters”
Why do these so called ‘second-raters’ seem to get a job, get sponsored, keep their jobs, excel in their jobs and then become valuable assets to Australia?
Or are you just fetching for a rise?