SYDNEY -- Most of Australia's politicians believe that Britain's June 23 vote to leave the European Union will have little direct impact on Australia's resource-rich economy, but that does not mean Brexit is being ignored, less than a week before what looks set to be closely-fought national elections.
Prime Minister Malcolm Turnbull made a clear effort to play down any potential fallout from the Brexit controversy on Australia's election and the country's ties with the U.K. Speaking immediately after the U.K. referendum result, he said the U.K.'s departure from the EU would "have little direct economic impact in the short term as 3% of our trade is with the U.K. and our financial system is not reliant upon the pound sterling. What we see, though, is some short-term volatility on our share market and in the currency market."
