Britain has voted to leave the European Union. What does this mean for Australian mid-size businesses?
With enduring ties to the UK and a significant trade relationship with the European Union, what does the Brexit decision mean for the Australian economy?
What to expect
Forecasts for the Australian economy remain steady, with global market volatility not affecting the broader economic outlook. With only a two-year period of negotiation mandated to unravel 44 years of treaties and laws, there is speculation the UK’s exit may take another 10 years before market access, labor agreements and trade rules are settled.
However, these developments are expected to only peripherally affect Australia, a sentiment echoed by Australian business leaders following news of the result.
Meanwhile, our strong economic, cultural and security alliances with Britain remain unchanged, and new opportunities to leverage free-trade deals and strategic initiatives are on the table.
Further resources from Grant Thornton’s UK member firm are available below for those interested in a more in-depth look at Brexit and its impact on the UK/EU business relationship.
The Australian perspective
Grant Thornton Australia’s industry leaders share their view on how the Brexit decision will impact Australian industry.