Australia's economy faces a big test of its resilience against a fresh wave of global market fear unleashed by the Brexit vote, say prominent economists including a former Reserve Bank board member. 
While the nation is unlikely to suffer directly from Britain's decision because it has become a relatively minor destination for Australian exports, ANU economist Warwick McKibbin said much would depend on whether households and businesses react to the sudden uncertainty by slashing spending.
"It's one of those shocks that can really derail the global economy," Professor McKibbin told AFR Weekend on Friday.
"There are so many fragilities in the international system, a lot of balance sheets haven't been adjusted since the financial crisis, governments have overextended themselves and don't have capacity to respond, and interest rates are already too low."
Despite a plunge in the Australian dollar to as little as US73.06Â¢ from as much as US76.48Â¢ as the vote unfolded on Friday, financial markets are pricing in 100 per cent chance of a Reserve Bank of Australia rate cut by   September - up from 52 per cent on Thursday.
With speculation rising that Federal Reserve chairman Janet Yellen will be forced to scrap any prospect of US rate hikes this year, the Reserve Bank could soon be forced to manage down a resurgent Australian dollar, experts say.
More broadly, the Reserve Bank believes the Brexit vote should be eminently manageable for Australia, even if the uncertainty triggered in financial markets is unhelpful for a global economy that had been showing signs of renewed momentum.
Economist Saul Eslake said there was a danger that Friday's large falls on stockmarkets develop a momentum of their own, undermining household sentiment that has historically been very sensitive to falls in superannuation nest eggs. "We are very exposed to the risk that this becomes a global volatility event," he said.
Mr Eslake said he was also worried that Friday's surge in the Japanese yen - unleashed by a global flight to safety following the Brexit outcome - could derail an economy that still takes a major portion of Australia's commodity exports. In turn, that could force the Bank of Japan to go even further into negative official rates.
Even though Britain's vote may lead to more trade with Australia at the margins, exporters in sectors such as pharmaceuticals and biotechnology are alarmed at the prospect of losing a natural English-speaking doorway to Europe.
David Langsam, editor of industry publication Biotech Daily, warned that Australian companies seeking European approvals for drugs, medical devices, IT equipment or solar batteries normally secure their paperwork in Britain first. "The UK is generally our portal to Europe," he said.
Trade boffin Alan Oxley said the vote is likely to trigger a pause in the Australian government's consideration of a trade deal with the UK as it waits to see how Britain reconfigured its relationship with Europe.
However, while the direct trade impact on Australia is likely to be irrelevant, the decision comes at a time when there are still major unresolved financial and economic problems. "If we have a GFC Mark II, Europe is in an even worse position to manage that than the first time around," Mr Oxley said.
Professor McKibbin said depending on how sustained the financial shock becomes, policymakers will be forced to respond with more monetary policy stimulus around the world.