BREXIT is more likely to be a positive opportunity than a negative drag on the Australian economy, the boss of Fortescue says.
Nev Power told Business Daily yesterday that, rather than focus on the negative, Australia should be using the chance to enhance the trade relationship with the UK: "I think there's an opportunity there for Australia to perhaps do more trade with the UK as a result." He said as the UK loosened its relationships with Europe, Australia stood to benefit, particularly as a source of beef and other food exports to Britain. Tourism in Australia could also benefit from more UK visitors coming here. 
He described as "a little bizarre" the Leave campaign's lack of plans for how the split would work.
Once the parameters were worked out the opportunities for Australia would become more clear.
"When the dust settles you'd have to ask how much is it really going to impact us and our key markets in Australia because the Chinese economy will grow far more in the next 12 months than what the impact of Brexit's going to be," Mr Power said.
"I'm not sure it's going to have any material impact on us really."He said the decision had little implication for Fortescue's own outlook, which was strengthening on the back of a three-year strategy to pay down debt and cut the cost of production. The company's share price had climbed from a low of $1.44 in   January to peak at $3.65 in   April. Shares in Fortescue closed up 3c to $3.43 yesterday. Mr Power said spikes in the share price were an indication the market had noted the depth of the debt reduction program: $6 billion over three years.