The people have spoken. They wanted out of the European Union. But how will the vote affect investors and the way Australians travel to and trade with Britain?
Q Will the Brexit affect the value of the Australian dollar for travellers? A Yes - and not just for people heading to Britain or Europe. It started yesterday with the Aussie dollar falling heavily against the US dollar and the yen, but surging against the pound. That's good news for travellers heading to Britain, but bad for those going to Japan, the US or many other countries where the US dollar still dominates. It was relatively flat against the euro. Economists say that our dollar's decline reflects a flight to safe-haven currencies by investors, which often happens in times of global economic uncertainty. With the Brexit-related turmoil likely to continue for several weeks, the Australian dollar's trajectory will also be shaped by other factors such as interest rate moves in Australia and the US.
Q What does the Brexit mean for sharemarket investments? 
A While yesterday's 3 per cent fall creates short-term pain, it also presents opportunities for bargain buys. Financial markets get spooked by uncertainty and Britain leaving the EU delivers that in spades. However, the fundamentals of Australian companies have not changed and are unlikely to be severely affected by what happens in Britain and Europe. That means that when the volatility dies down, share prices will return to where they should be based on their profits. If stocks sink further, attractive buying opportunities may emerge. Long-term investors are likely to be best served by sticking to their investment plans and riding out the volatility. It also affects companies in different ways. For example, banks and resources companies were hit very hard on Friday while stocks such as Telstra, Woolworths and infrastructure companies were left relatively unscathed.
Q How will the Brexit affect my superannuation fund?
A Superannuation is the longest of long-term investments, locking people's money away for up to 40 years. Short-term volatility caused by the Brexit means little overall. Typical super funds invest across shares, property, infrastructure, cash, fixed interest and alternative investments, removing the risk that one badly performing asset class will destroy a nest egg. Super fund returns are likely to be subdued for several years amid an environment of low global growth and very low interest rates. Short-term turmoil in British or European financial markets will directly affect only a small part of a super fund's assets because they typically have natural diversification.
Q Will Australian holiday-makers need a visa to visit the UK or the EU as a result of the Brexit vote?
A It is very early days yet but the expectation is that within the next year, Australian travellers will need to get an extra stamp in their passports when visiting the UK and the EU. Now, Australian holiday-makers don't require a visa for entry to either the EU or the UK, and can travel relatively freely between countries after being processed at one entry point. Any changes will depend on how tightly the UK secures its borders in the wake of the decision to separate.
Q Will the Brexit result have any impact on travel between the UK, Europe and Australia?
A No fewer Australians are expected to travel to the UK and Europe as a result of the Brexit result. It could even trigger an increase because of exchange rate fluctuations expected to favour the Australian dollar. But on the downside, longer customs queues are expected at major airports such as Heathrow because EU residents may have to be processed like Americans and other international travellers. They are currently sent through a separate line without any restrictions. Heading in the other direction, there is a risk a possible recession in Britain and the pound's plunge could shrink the number of visitors to long-haul destinations such as Australia. The UK is our third biggest source of overseas visitors.
Q What will the Brexit result mean for airspace restrictions? A Under the Single European Sky laws, carriers based in the EU can operate freely throughout the continent. The UK's decision to separate from the EU means airlines such as British Airways, Ryanair and EasyJet will have to renegotiate their bilateral agreements with the EU to continue flying into Europe. Additional charges may even be imposed, forcing up the cost of fares. Travellers could also pay more in taxes to visit and leave both the UK and the EU.
Q How will the Brexit affect trade between Australia, the UK and Europe? A There will be an impact for Australian traders, with the UK economy almost certain to be hit hard by the referendum result. Prime Minister Malcolm Turnbull acknowledged there will be a period of uncertainty and some instability, but he said negotiations towards a free-trade agreement with the EU would continue. Economists predict an immediate fall in Britain's AAA sovereign rating, and a likely fall into recession as a result of the British Government's inability to fund its large current account deficit. A recession would have a flow-on effect for Australia because the UK is our leading EU trading partner and seventh largest two-way trading partner. In 2014-15, the UK imported $8.6 billion worth of goods from Australia, including gold, alcohol beverages, lead, pearl and gems. Australian investors in the UK may seek to pull out if economic instability continues. At the end of 2014, total Australian investment in the UK was $304.54 billion, Australia's second most important foreign investment destination.
The Australian dollar plummeted against the US dollar and soared against the pound after the UK unexpectedly voted to pull out of the European Union.At 5pm eastern time yesterday the local unit was trading at 73.61 US cents, down from 75.26 US cents on Thursday, and at 54.01 British pence, up from from 51.06 pence.