So what does Brexit really mean for Australia?

The United Kingdom appears anything but right now. A Prime Minister falling on his sword, Scotland renewing calls to leave, a united Ireland being mooted and a country divided in the way it sees itself and the world. While many in Europe are urging a quick divorce, others are seeking a more cautious approach, trying to make sense of the economic, strategic and political consequences.

Once Article 50 of the Lisbon Treaty is activated, it allows two years for the terms of withdrawal to be completed. As our colleagues at Slaughter and May in London point out, the timing of delivery will be largely a political rather than a legal question. Beyond that, it could take the best part of a decade for the UK to develop new relationships with the EU and the rest of the world.