Brexit – how might Australian businesses be affected?

By referendum on 23 June the majority of the electorate in the United Kingdom (UK) voted to leave the European Union (EU). The outcome was surprising to many and the news has dominated international headlines for the past week.

There is little clarity about what will happen in the coming days, weeks and months, as the process for bringing about binding change following the referendum will not begin until the British government invokes Article 50 of the Lisbon Treaty. This is uncharted territory and there is considerable speculation about exactly how and when this step will be taken.