PM urges coalition vote after Brexit

Malcolm Turnbull has urged voters to back the coalition on July 2 in the wake of market volatility following the Brexit vote.

Australian Prime Minister Malcolm Turnbull

Malcolm Turnbull. Source: AAP

Prime Minister Malcolm Turnbull has urged voters to back the coalition amid global uncertainty following the shock Brexit vote.

Mr Turnbull insists there's no need for alarm but in an environment of uncertainty and shaky confidence, a strong economic plan was needed more than ever.

"It is more important than ever to ensure that we choose on July 2 a stable, coalition, majority government with a clear national economic plan," he told reporters in Sydney.

Britain of Friday voted in a referendum to leave the EU, sending shockwaves around the world and impacting heavily on global financial markets.

Treasurer Scott Morrison said he had spoken with Treasury, the Reserve Bank and the bank regulator, the Australian Prudential Regulation Authority since the result was announced.

He's also had lengthy discussions with the chief executives of Australia's major banks and said Australia was well-placed and well-prepared for the situation.

"That is not by accident," he said.

The coalition's Financial Systems Inquiry had ensured the system was strong and stable, he said.

"It is important that we take every opportunity to remind Australians and those further afield of the strength of Australia's banking and financial system."

Mr Morrison said short-term volatility on global markets would moderate over the week, pointing out the reaction in Australia's largest trading partners of China and the US had been modest.

But there would be uncertainty for several years as the terms of the UK's departure were finalised.

"Markets can never have certainty soon enough but the Australian people can have certainty next Saturday," he said, insisting the coalition's plan for investment and jobs was crucial in times of economic uncertainty.


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Published 25 June 2016 1:46pm
Source: AAP


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