Malcolm Turnbull is urging Australians to back the Coalition's economic plan following Brexit

Photo: Stefan Postles/Getty Images.

Prime minister Malcolm Turnbull is urging Australians to back the Coalition’s economic plan following Britain’s shock decision to leave the European Union.

Speaking at a press conference with treasurer Scott Morrison today, Turnbull assured voters that Australia “has a strong open economy with very strong fundamentals” but did warn that Brexit does “raise the level of uncertainty and does undermine, to some extent, investor confidence”.

“In an environment where there is downward pressure on confidence, where there is increased uncertainty, it is more important than ever to ensure that we choose on July 2 a stable Coalition majority government with a clear national economic plan,” Turnbull said.

“Every element of our economic plan supports investment, it supports economic growth, it supports employment … (and) that plan and that stability and that strong economic leadership is needed now more than ever.”

The vote on Friday to leave the EU sent shock waves through global financial markets but Morrison, who had already spoken to the Reserve Bank and the heads of the big four banks, said that “Australia is well placed and well prepared for the situation that we now face.”

Turnbull said that Australia would still be committed to more free-trade agreements and stressed Australia’s strong existing relationships with Germany and France.

“We want to do more of them because we recognise that in this global economy, this rapidly changing and growing global economy, we need to have access to as many markets as possible because that is a big driver of economic growth.”

It will take the UK several years to disentangle itself from the EU despite speculation that an independent Britain will spur on a favourable free trade deal with Australia.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.