Australia PM sees uncertainty, instability as UK on brink of Brexit

Australian Prime Minister Malcolm Turnbull is seen during an event at Flinders University in Adelaide, Australia, May 13, 2016 during campaigning before the July 2 federal election. AAP/Lukas Coch/via Reuters

Australia Prime Minister Malcolm Turnbull said on Friday he expects a period of uncertainty and some instability in global markets as Britain was on the verge of Brexit but the immediate impact on Australia will be limited.

"The impact on Australia immediately, directly, from a legal point of view, will be very limited because it will take some years for the United Kingdom to leave the European Union, to negotiate an exit," he told reporters.

"However, we've seen already large falls on stock markets and there will be a degree of uncertainty for some time."