The world watched as the announcement was made that Britain was no longer part of Europe as the Brexit votes were counted. The domino affect to economies and immigration around the world was in play even before the announcement with the stock market and many banks suspending trade with the British pound for the 24 hours of the vote.
There are several factors within Australia which will feel an immediate impact:
Economy: The value of the pound has dropped to it’s lowest since the early 1980’s which will work in favour for Australians spending the pound but work against British companies and individuals transfering into Australian currency. The share market has been extremely volatile leading up to, during and after the Brexit vote with many companies suspending trade or selling out with companies based in the UK.
Immigration: There are many dual passport holders living in Australia whom have ancestoral, partner or birth ties back to countries in Europe, which until Friday the 24th, would also allow travel to the United Kingdom. Immigration to and from Australia and Britain will change shape especially with skilled workers and investment visas.
International trade and investment: A recent article published by the Australian Financial Review has gone discussed how the world economy and trading will be affected with KPMG Chef economist, Brendan Rynne commenting “The implications (of Brexit) for Australia are still being worked through, but any impact will be felt via our trade accounts.” The severity of the impact to Australia’s trade accounts will depend on the quality of the individual agreements Britain secures with it’s former EU counterparts.
Travel: While the change wont be a dramatic one, the border security between Britain and the rest of Europe will experience an overhaul of passport checks and travelling visas which were not previously required. This could affect Australian’s travelling on a dual passport.
The roll-out of Britain completely seperating from the EU is forecast to be finalised in two years, however the uncertainity and questions continue to escalate as individuals, international investors, business owners, governments and shareholders all hold on tight for the bumpy ride ahead.
If you have any questions about your visa to Australia, please contact our head office based in Brisbane and speak with one of our registered migration agents.