NEWS & OPINION_ Five things the Brexit will change for Australians

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Five things the Brexit will change for Australians

By Samantha Menzies | Yahoo7 Finance – 5 hours ago

VIDEO: Brexit fallout update

When the UK declared its shock decision to leave the European Union last week, global markets went into turmoil.

There are obviously plenty of questions around the future of, and implications for, the UK and Europe. But what exactly does this mean for is Aussies?

Also read: Brexit shouldn't impact Aust-EU trade deal

Here are five key ways that the decision to exit the EU will affect Australians, according to finder.com.au.

1, A fall in the Australian dollar

As soon as the news of Brexit was confirmed, the value of the UK pound plummeted against the US dollar, and the value of the Australian dollar fell with it.

The Aussie dollar then fell further off the back of Britain’s credit ratings downgrade this week.

Also read: 'Months of uncertainty' from Brexit

2, A fall in share prices "If financial markets seize up, as they did in 2008, then the big Australian banks will find it difficult to secure the vast amounts of offshore funding that they require - share prices will fall sharply and government guarantees will be called for again," Curtin University senior lecturer Lee Smales said.

That will impact the value of your superannuation, and is likely to be a factor when the Reserve Bank meets in a fortnight to set official cash rates.

3. Changes to visas and working holidays

One of the main arguments driving the decision to exit the EU has been the UK’s immigration levels.

Instead there have been calls for an Australian-style points system to encourage skilled immigration.

That could eventually result in tighter rules than the current system, which allows people under 30 to spend a year working in the UK.

While the immediate focus will be on rules controlling the movement of people between European countries, at some point there will likely be implications for Australians.

Also read: Britain votes to LEAVE the EU

4. Decline in the number of British tourists

"The spending power of British tourists (last year more than 700,000 of them arrived in Australia) would be lowered," Smales predicted.

Brits residing in Australia who receive a UK pension will also have less spending power with the current decline in the pound.

5. Harder to call the Australian election

Australia’s next Federal election going to the polls on 2 July, and the impact of the Brexit decision is likely to be a key point of argument for the Australian economy.

VIDEO:

READ MORE: https://au.finance.yahoo.com/news/five-things-the-brexit-will-change-for-australians-024000602.html

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