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(generated from captions) country needs. Clearly, we've got a negotiating process that we have to enter into fairly soon. There's European Council only next week. He clearly will be representing Britain at that council but, after that, the period of negotiation will continue for some months, maybe more than a few months, and he has to give consideration to whether he is the person to do the
that.And who do you think might be the right person if he isn't?Well, that's going to be a matter, Party.
ultimately, for the Conservative Party. If David Cameron decides that he doesn't want to continue, clearly there is going to have to be a process first of all within the parliamentary party and then within the wider party and I think, whatever happens, David Cameron needs to provide the continuity to enable that process to take place, if he thinks that that is the right a
thing to do.Would you like to see a snap general election now?I think that that would be entirely the wrong thing and I don't think that it's necessary, because we went into this parliament having made manifesto pledge to have a referendum. We've had that referendum, it has come up... This program is live captioned by Ericsson Access Services. Hello, welcome to Afternoons. Our top story - Brexit. After Britons cast their votes Britain is poised to leave the European Union.Let's get rid of the flag, the anthem, wrong
Brussels, and all that has gone (CHEERING AND APPLAUSE) Markets react, sending the pound into free-fall, crashing to a 30-year low. Europe watches on, telling the UK there will be no going back. And our political leaders react, warning a Brexit will be another challenge for Australia. There will be a period of uncertainty and some instability in global markets. I have no doubt that European leaders will provide reassurance. Well, the United Kingdom has voted to leave the European Union after 43 years in an historic referendum. The leave vote currently stands at 52% to the remain 48%. Australians, I recognise, will be concerned by the uncertainty and instability in global markets. Falls in currencies, including the Australian dollar and in equity markets. It is important to remember that the Australian economy is strong and resilient. And has weathered global shocks before and weathered them well. I have no doubt that in due course the British Government will negotiate a satisfactory departure from the European Union. This could take several years. And in the meantime, I have no doubt that our relations with the United Kingdom, which are as close as any two nations' relations could be, will continue as positively and intimately as ever. Equally, with Europe, we have been negotiating a Europe free trade agreement, and built strong ties with the countries of continental Europe, in particular France and Germany, and I'm confident that our negotiations towards a free trade agreement with So
the European Union will continue. So there is no cause for Australians to be alarmed by these developments. However, there will be a period of uncertainty and some instability in global markets. I have no doubt that European leaders will provide reassurance and leadership that will, in due course, settle many, if not all, of those uncertainties. In the meantime, I remind Australians that given that we are living in a world of great opportunities, but also great challenges, and uncertainties, now, more than ever, Australia needs a stable majority, Coalition Government, with a strong economic plan that sets Australia up for a prosperous future, to take advantage of those opportunities and resiliently meet the challenges and the head winds that we can't always anticipate and that we cannot always influence, but will always be there. A strong majority government, a strong economic plan. That is what Australia needs in these times of opportunity and, as we have seen, uncertainty.Malcolm Turnbull speaking there earlier today. Europe correspondent James Glenday joins me. What's the reaction been so far? Well, I think it's fair to say it's one of shock. Even the most ardent Brexit supporters can't actually believe that this has seriously happened. You might remember only about eight hours ago now, Nigel Farage, when the polls closed, thought Remain had won. That's what the early polls suggested. Now Britain, it appears, almost certainly now, is leaving the European Union. What terms it will leave on, who knows? That is yet to be negotiated. Who will be leading the United Kingdom tomorrow, the day after, for the next few months? Nobody knows. What is going to happen to Northern Ireland, where there will be a land border? There are so many unanswered questions and what will happen to Scotland? the
All these are to be answered into the future. What's going to happen to the European Union. The Remain camp called this a leap into the unknown. The leave camp said it wasn't, but there are still many, many unanswered questions about Britain,
what this is going to mean for Britain, what it's going to mean for Europe, and, as you heard from what Malcolm Turnbull just said, what it will mean for the western world.As we spoke of before, the Remain campaign went in in a stronger position, almost a fait accoplis, with the backing. How did they get it so wrong?I don't know there would always be a Remain quite
outcome, but it shows you something quite powerful when you have the leader of every single major political party coming out in favour of Remain, and yet the people said no. Not by a huge margin but looks like 3-4% have said no, we don't agree. It says something about the level of trust in politicians and how a lot about how the EU has been viewed. I think a lot of people assumed because of the undecideds in the opinion polls that they would flow back to the so-called status quo, the Remain side. Not only did that not happen, it appears yet again, after last year's general election, the UK pollsters have got it fairly significantly wrong, though last week there were some online polls this.
predicting a similar outcome to It was a day of large swings for and against both camps. As you said, Nigel Farage, early on in the voting, had almost conceded. huge turnaround.
However, only hours later he made a huge turnaround. Let's listen to him. The dawn is breaking on an independent United Kingdom! (CHEERING AND APPLAUSE) This will be a victory for real people, a victory for ordinary people. A victory for decent people. (CHEERING AND And we will have done it, we will have done it without having to fight, without a single butt let being fired. We'd have done it by damn hard work on the ground, by people like my friend Mr Banks here. (CHEERING AND APPLAUSE) I hope this victory brings down this failed project and leads us to a Europe of sovereign nation states trading together, being friends together, cooperating together, and let's get rid of the flag, the anthem, Brussels and all that has gone wrong. (CHEERING AND APPLAUSE) Let's let June 23rd go down in our history as our Independence Day! (CHEERING AND UKIP leader nar Nigel Farage, even before the result was announced. James, what will be the first order of business for David Cameron? Well, we haven't heard from him yet. I think the first order of business for him will be to come out and speak publicly. Just after Nigel Farage gave that press conference, or that stump speech, he walked out of the official party campaign and before I was taken away by security guards I got a couple of questions to him. He said David Cameron has to resign. He wants him to quit today. That could be a possibility. It's hard to see how a Prime Minister who virtually became the figure-head for the Remain campaign and fought so hard for Europe to remain in the European Union, for Britain to remain in the European Union, can then negotiate the terms of his departure. As the polls closed last night, a number of Tory MPs wrote an open letter asking him to stay on no matter what the result is. But it will be very interesting to going
see what happens there. That is going to be his first order of business. There there are a lot of questions about when the process for beginning the very, very bureaucratic timetable for exiting the EU will begin. There is going to be some two years of talks. Some say it could take up to ten years for Europe to untangle itself from the United Kingdom and vice versa and that whole process has to be gone through with the 27 other countries of the EUbloc. So that's a fairly complicated thing, too. But this morning a new dawn has broken for Britain. There are so many unanswered questions. One step at a time. I think the first thing will be to hear from David Cameron. We're told then, once he speaks, someone like Boris Johnson is lick likely to come out and talk. He's someone long touted as, he became the figure-head of the Brexit campaign, long touted as someone who could potentially replace David bit
Cameron. That is getting a little bit ahead of where we are.There is a huge blow for the EU, the first country that's left the club f you like. Has there been any response from the EU itself?A few responses from some diplomats and officials. Things like a sentence that means "today is a really bad day". Other commentary is saying that this for
could be the beginning of the end for the European Union. Of course, Britain is the second biggest economy, the strongest military power, probably closer ties with the United States, the supreme power in the world still. So it's a big blow for European prestige, but it comes at a time when the European Union is really grappling with things like the migrant crisis. Remember Grexit, a Greek exit because of the Eurozone crisis. Big existential questions. To lose a major member at a time when populist parties who don't like the EU are on the rise, places like Hungary, Denmark. It raises big questions about what the future for the EU is. That is something to watch in the next few years.How likely do you think this will fuel Nationalist movements elsewhere in Europe?I think, I don't know about fuelling them, because there is a degree of difference in what Britain has done. Britain has always been a fairly Euro-sceptic country. But we've seen far right, far left groups, even centrist groups raise real concerns about the EU, particularly stemming from the lack what we call in Australia border security and particularly at the fringes with the migrant crisis. Even before that the Eurozone currency, some of the rules that have been put in place, these have been raising this sort of discontent and there's been this view that Brussels wasn't listening. Well, this campaign alone has given Brussels a big wake-up call. This result, though most people didn't think it would happen, has to be the biggest kick, really imaginable. The last few days have seen German politicians come out. German newspapers come out, and editorialise, virtually begging Britain to stay. It's a leap into the unknown. It is going to be very, very interesting times for the next few years.I think what both sides could agree on definitively right now is that the campaigning was very divisive over Brexit. And I think now what is being suggested is that Britain really has to unite after this very divisive campaign. What is the way forward for them on this issue?The latest figures will be 52-48, not a smashing majority, you still have 48% of the country and voter turnout was 70% a high turnout to a referendum. And you've still got a significant percentage, including places like Scotland and London itself, has to be said, that wanted to remain in the European Union. So that question isn't resolved. Another big question is how does the conservative party heal itself as well. Not only the party of government, the base, overwhelmingly, 60-odd per cent is Europe,
Euro-sceptic, doesn't really like Europe, whereas the majority of the Cabinet has backed the Remain campaign. How do they then put their differences aside. That's going to be a huge question for the country. And, of course, last week, not necessarily connected, but a lot of people, including the widower Brendan Cox, saying Jo Cox's murder was all caught up in the divisive political nature of this debate. So it's been four months, a very long campaign. And really, even until eight hours ago I don't think a lot of people expected that this would actually happen. So now the process of negotiation begins and it will be very interesting to see what sort of impact, long-term, this does have.Om time will tell. Time now is telling that almost 17 million voters have cast their ballot to leave, as opposed to the 15 million,800,000 to remain, with five results to remain. So we will leave it there with you. But no doubt speak to you throughout the afternoon. Thanks for your insight. To analyse the impact of this result and what it is having on the share market, I'm joined in the studio by AMP Capital Chief Economist Shane Oliver. Thank you for your time.My pleasure.Are you as shocked as many people are?I must say I am. I thought the end of the day people would get in the voting booth and you would have that wobbly finger effect and enough people would say let's stay with what we know. We didn't see that. Recently we saw some of the polls head back to the Remain camp. I am a bit surprised by this result. I thought it was always close, but this is the way the cookie crumblings and we have to move on.We've seen huge volatility in all markets of all asset classes more
in the lead-up to this, but none more so than in the pound today. Yes. Obviously the centre of all this is what it means for Britain and the big worry there is it will lose its free trade access with Europe, unless it agrees to something like what Norway has, so you have to agree to all European rules t free movement of people and contribute to the European budget. That's what they're trying to escape. They will probably lose some free trade access. Worries about the UK economy, that uncertainty pushed the British pound to somewhere close to 10% when I last saw and futures trading in the UK share market was down 8%. Will we see a bloodbath on the European markets and then, I guess, also the US markets tonight?I think we will certainly see more weakness, no doubt about that. But we have been given an inkling of that already, with those falls in the British pound and futures of the British share market. That uncertainty will continue. Bear in mind it's not the impact on the UK that's the big worry here, the impact on Europe is why you're seeing the euro down, flight to safety into the US dollar, why the Aussie dollar came down, and a worry we will return to the uncertainty this year about global growth prospects.How important is labour mobility in the UK and greater Europe, and how will that that impact, how will this exit impact on the mobility of labour? There are a lot of people who work in Europe from Britain?Several impacts on Britain: Trade obviously, labour mobility and the British financial sector. They could lose some of their status in favour of Paris or Frankfurt. In terms of labour mobility, one of the big things about the EU was the free movement of people, which made the economy operate more efficiently. If for example, Spain was booming, people could come out of other parts of Europe and it would equalise conditions across Europe. Now, if Britain is cut off, then that labour mobility will decline. You could see British labour costs rise relative to the rest of Europe, it could overtake, over time, make Britain less competitive compared to the rest of Europe.The Remain campaign was arguing that by leaving the EU up to 950,000 jobs could be lost. Is that an overstatement?I think both sides, mind you, exaggerated their claims in relation to what they wanted to do. I think there probably will be jobs lost. It ke pends on the deal they -- depends on the deal they cut with the rest of Europe. I would worry over time about the financial markets in the UK, I'd be worried about free trade access. For example, an Australian company trying to break into the EU markets and setting up business. Where would they think about setting up? They probably might not Ireland,
think of London, might think of Ireland, France, going to Germany. They certainly wouldn't go to the UK. That's going to be a jobs' negative, as A in, glo-speaking companies think, this is not the place to go any more, let's go straight to Europe.Let's talk more now about the direct imply kaths of Brexit for Australia. What do -- implication for Brexit for Australia. What do you see as the major threat?As the Prime Minister indicated, it's financial markets. Britain doesn't take a lot of our exports, only 2.7%. It ain't what it used to be. Then again, Greece didn't take much but still caused turmoil a year ago. That's the issue, uncertainty. I think Europe will hang together. The hurdle to leave the Eurozone is greater than for Britain to leave the EU. I think Europe will hang together around the Eurozone but we don't know that in the short-term. That's what financial markets are reacting to. We've seen the Aussie share masht come down 3%, the Aussie dollar come down, which has an impact on confidence, so it could be a short-term dampner on the economy. At the end of the day I think we will survive. I think if there is a problem on the interest rate front, the Reserve Bank can cut interest rates. A falling Aussie dollar will help buffer the economy because it makes exporters, tourist operators, higher education institutions more competitive. In the short-term there is that vulnerbility through financial markets.We know financial markets detest insecurity and fear. With this result, it may take two years for a path to be written and, indeed, travelled for them, for the UK to leave the EU. The financial markets couldn't withstand two years of fear and insecurity, right?I don't know that I will. I think we've had enough of Brexit. I don't know if you will hear about Brexit any more, but now we will hear another two years of it at least. I think that eventually financial markets will say we've heard enough of it, factored it in and the markets will go on and focus on other things. For example, obviously there's still issues in Europe regarding the stability of Greece and so on, but we don't talk about it much v much because something
markets factored it in. It became something discounted. I think the same thing will happen here. Sometime in the next week or so, will
lit be all factored in and markets will then move on to focus on other things.You don't think, then, that the financial markets could potentially force the hand on the time frame of this withdrawal?That is an interesting question. They could try to speed it up. That could be the British financial markets, uncertainty around the pound and the share masht. I don't think that will be an issue for us in Australia. I think we're in for a long, difficult period for British assets t British pound, share market, and so there's that issue. That may force the hand in terms of what Britain negotiate but I don't think it will be an issue that will affect us endlessly in every
Australia. We won't be hanging on every twist and turn in the negotiations there.We're a week out from our election. What sort of impact do you think the Brexit outcome will have, if any, on the campaign, for both parties?Well, firstly, very little, but when there is something that upsets confidence, some sort of negative thing, it often turns people to vote for the status quo. So it could benefit at the margin, the Coalition over the Labor Party. People think, there is this global uncertainty, we don't want a risk with how we vote, let's go with the Coalition, stick with what we know. I could be wrong, but I would say it's a slight positive for the Prime Minister.When the UK will be negotiating their deal with the EU on when they leave and how they leave, what are the key points do you think that they really need to stick to to make sure that Britain comes out better than when it was with the EU?Well, I guess they need to retain free trade access. If they don't, they're out in the cold, like all countries, trying to negotiate access with Europe without tariffs. The problem is it's a trade-off. If they want the free trade access of now they will have to accept the terms the EU imposes on them, including accepting EU rules and regulations, contributing to the budget like Norway. Norway almost contributes as much as the UK to the European budget per person and of course the free trade, free flow of trade. I reckon the Europeans will play hard ball here. They will think to themselves f we're too easy with Britain, then other countries might get is tame idea and go, too. So it will be a difficult negotiating time.What do you make of the possible contagion in all this? Other countries that might have nationalistic agendas?Some do. The French.
French do, for example. Some of the French. It's still a minority, albeit vocal. Likewise Italy t success of the Euro-sceptic Five Star movement in recent municipal elections last weekend, I think. So there are certainly risks there. But the end of the day the together,
Europeans will probably stick together, much as they have over the last six years through the Euro-zone crisis, much as Greece said a year or so ago, we want a different deal from Europe. But at the end of the day, we want to stick in the Eurozone sewn. So I think the end of the day they will choose to hang together. Some would argue that Britain held the rest of Europe back from being more integrated. We may perversely see a more integrated Europe coming out of this, rather than less.Fabulous insight. Thank you Dr Shane Oliver. My pleasure. Time now to bring in our panel of experts. Ann McNorton, the director of the European studies institute says the UK should stay. And in favour of leaving is Georgina Downer, from the Institute of Public Affairs. Georgina, I will begin with you. You must be pleased with the result. You have written before that you think that this is Britons righting a wrong?That is right. In 1975 Britons voted in a referendum whether to stay or leave what was then the European Economic Community. What was sold to the British public then was, did they want to stay in a free trade area. They didn't vote to be part of a political union, a so-called United States of Europe, which is what the EU has become latterly. And I do believe that this referendum was Britain saying no, enough is enough. We want to take back control of our democracy, our parliamentary sovereignty, and that includes borders as well. The EU's freedom of movement was really a bug-bear of the British public. They didn't like that unlimited migration from EU member states into Britain. They wanted to be able to determine how many people could come to Britain and they have. They have had their say. I am pretty surprised. I was expecting a vote to remain. But the British pollsters have been proved wrong, once again.Now, Anne, I will bring you in, I imagine you're just as surprised. You believe that the EU structure gives citizens a greater chance of their interests being served with respect to stability, economic prosperity, etc?Yes, Catherine. Hello, hello Georgina. I think there has been a missed opportunity. Indeed, the EU structure, particularly as a consequence most recently of the Lisbon Treaty, but even before then, has always provided the citizens with an opportunity, if they were aware of those opportunities, and knew how to take advantage of them, and this, I think, is a salutory lesson to the governments of all the member states to ensure that they explain much more clearly the extent to which in fact their citizenry is better empowered under the current structure of the Treaty of European Union and Treaty on the functioning of the EU than previously the case and certainly is going to be the case for any state outside the EU for those purposes. The idea to suggest that all power, all control, had ever been passed to Brussels and to the EU institutions, in fact, is incorrect. The EU itself is based on the principle of con feral and it still functions on the member states exercising their sovereignty in fact as sovereign states, nation states. This, sadly, has not been clearly articulated over time to the population generally. That's in my view. As a consequence we see a situation, as we've been seeing unfolding now, I confess, quite a surprise for many of us. I join Georgina in that. And one of the disturbing outcomes of this appears to be that within the United Kingdom, although England and Wales have predominantly voted to leave, we have Scotland and much of Northern Ireland that wish to stay as well as the Shetland Islands, Orkney, Gibratar and so on. There will be issues internally as well in the extraation process.So why do you think the Remain campaign lost this?I really can't say. One of the comments that that your correspondent from London made, which was to the effect that the citizens in Britain seemed to react adversely to the fact that all of their leaders were proposing a Remain vote. Perhaps that had something to do with it, a lack of confidence in their leaders. But one of the real reasons, I do believe, is because citizens within the EU do not clearly understand within their own member states, the extent to which in fact they do have greater powers than they clearly understand that to be the case.Georgina, would you agree with that? You have written before that over 50% of British laws were not made by the British Parliament. Decisions made by British judges and jurors can be overturned in foreign courts. What are your thoughts?I think the British people have had a very positive experience with their own version of parliamentary democracy. British parliamentary democracy, 330 years old. European Union is a, you know, 60-year project, and in its current itation much newer than that. So it's a new form of government, that Britons never really came to terms with. The idea that you can vote in a government but then also vote it out is sort of essential to British democracy, and that isn't the way that the European Union operates. I think also what's happened is people in Britain were told by David Cameron and other Remain campaigners of, you know, possible economic catastrophe if Britain were to leave and while they may have believed that, they basically have decided they didn't care. They would prefer to take back control of their own Parliament, of their own democracy. And you have seen especially in the northern parts of England, tra traditional Labour Party areas a strong vote for Leave, which we can observe as a sort of disconnect between the Labour Party leadership of Jeremy Corbyn, with his grass-roots supporters. That is a significant, I think, contributing factor to the Leave campaign's success. As well as the fact that London voters didn't come out as strongly as was expected and they were always going to vote for Remain, whereas the Leave voters throughout the rest of the country came out in droves.Can you tell me then, a lot of the arguments to remain was to, was for the economy, and that Britain is going to be stronger if they remain in the EU and in fact the LSE and also financial pundits are suggesting that should Britain exit, there would be a recession. How can you guarantee that you won't be, now that there is a leave that is happening? .Well, the reality is no-one knows what sort of deal Britain will get with the EU. And that will be up to whoever is Prime Minister of Britain in months to come, and the leadership team there, and of course in negotiation with other European leaders. What I think will end up happening is, as your correspondent was saying, Britain is the second largest economy in the EU. It's the fifth largest economy in the world. Europe would be mad to cut off ties or do a bad deal with Britain. It will be a deal that recognises the important place Britain plays in the European economy, and in the global economy as well. I don't see any sort of catastrophic scenarios playing out. It wouldn't be in anyone's interests. What I do think is that David Cameron probably won't be the leader to lead Britain in these negotiations. I think his position will be pretty untenable. Before we go, Anne McNaughton, what sort of deal do you think needs to be struck between Britain and the EU to for Britain to come out of this better than it was with the EU?To be perfectly frank, I don't think that Britain can come out better in these circumstances now, than it was when it was in the EU. The best it can hope for is to come out with something comparable. The prime reason I say that is because from here on in, to the extent that the UK accepts any of the measures that prevail within the EU, those are going to be not measures within which the UK can participate. What is likely, as Georgina rightly points out, it is likely the UK and the EU will come to some bearable agreement, because of the size of the UK economy. Having said that, the sticking point in the whole referendum debate seemed to be around the movement of people, whether they were EU citizens or externals. And that is still going to be an issue for any agrement that the UK and the EU strike, for the simple reason that the services market and the services economy is so important these days and that necessarily involves the movement of people. So while the UK citizens at least may be under the impreths that -- impression that they have regained control over those sorts of questions, that is going to be, in my view, one of the very difficult, challenging questions to iron out in the forthcoming months and possibly even years as these agreements are negotiated.Finally, speaking to Georgina's point that she made a moment ago saying that David Cameron's position is perhaps untenable throughout this day. For both of you to please answer. Anne, you first. Do you agree and if so, who should then be leading the country? I take Georgina's point and don't necessarily disagree with it. As one of your correspondents said, it's a very personal decision for David Cameron to take. I note the open letter from the Euro-sceptic Conservatives who supported him retaining the position of Prime Minister. It would be probably quite difficult. I would be a bit surprised if he stays in that position. But I'm not necessarily sure that, for example, someone with such a profile as Boris Johnson would overtake that role. So I simply at this stage don't know who would take it on. They the
would need to be very much doing the best they can to get the best deal for the UK now. While also dealing with the internal stresses result
that are necessarily going to result from this outcome.And Georgina, do you have any ideas? Well Boris Johnson would be the obvious choice to take over from David Cameron. He will be popular amongst the Conservative Party grass-roots membership. Whether he is as popular amongst the party room Conservative MPs, I'm not so sure. We will see over the coming days and months what the result is there. But he is obviously, he has obviously positioned himself for a tilt at the leadership, given he was the figure-head over the Leave campaign over the last ten weeks. So he will be probably the punter's choice, I would say, and I think he certainly has shown himself to be someone of great grit and determination to do a really good deal with the EU, which I think David Cameron's new settlement that he forged in February this year with ochlt U leaders was considered a little bit of a meaningless deal, a lot of, a sort of, you know, EU leaders patting David Cameron on the back and saying, "There, there, dear, it will be alright", but not much in substance. So Boris Johnson in stark juxtaposition to that position would be a tantalising choice, I think. But still a little - he's known to be very flamboyant and perhaps for the Conservative Party-room may be a bridge too far. Well, two things that are an absolute certainty. One is that Britain will leave the EU today and the other one is that Britain now really needs to heal. This has been a vitriolic, bitter campaign that divided the country. Whoever the leader is, what do they need to do to bring the country El Bakraoui to unity, to reunify the country? Well, your correspondent made the good point that 48% or so of people have voted to remain. And those people need to be respected and included, very much share views included in the negotiations going forward. I think we need strong leadership in favour of - acknowledging that there is a lot more that Britons agree on than disagree on. While they may strongly disagree on EU membership, they agree that Britain is a great country, with a strong democracy, with a robust public discourse, and that, you know, it's been a very fiercely-fought battle. But now the, you know, battlelines should be collapsed and they should come together to forge ahead with this new dawn of British democracy. And I think under a new leader, that will be possible. But, as I said, under David Cameron, that's going to be pretty tricky. And Anne, do you think it's that simple, saying let's draw a line in the sand, the result is out and let's forget about history and move forward?I don't think it's as simple as that. I do think it's a very, heavy, if not impossible burden to place on the shoulders of one individual. It seems to me that certainly the con Conservative Party will need to pull together and actually take responsibility as a whole for the UK. Secondly, those who are, I notice that Sinn Fein has already announced the fact that there is some argument for a unified Ireland, and also there's been announcements about the idea that Scotland would seek to return back to the EU. So these, those who are representing those arguments are going to actually also have to be part of a process of healing and of unifying the UK, or at least coming to a position of, you know, it's certainly on the cards. We've already heard discussion about this, where the UK itself perhaps be
breaks up. I think it is going to be something that all the leaders in the UK need to play close attention to. The internal squabbling within the Conservative Party has been unhelpful. Similarly, the ideas for these other regions to then break away is going to be a very testing challenge for all leaders concerned. And so, do you think, though, to both of you, the EU is coming off in a much weaker position here, because would you agree that this fuels nationalistic agendas throughout all of Europe now?Once again, if I may, in my view, it's a salutory lesson to the member states to actually explain much more clearly to citizens the extent to which they themselves are also a part of this process and empowered. It is concerning the extent to which the right-wing and very radical groups are manifesting themselves and this is a concern, I think, across Europe. And it needs to be addressed. But the majority of people, in fact, are not moving to those edges. The concerns and frustrations of those people need to be addressed. They need to be addressed by the polity as a whole and I think the member states, the representatives of the member states within the EU institutions, need all to work together, if you like, at that EU level, but also moving down much more clearly, much more visibly at the grass-roots level and actually persuading the citizens as to why it is, indeed, in their interests to be part of the EU.G Georgina, do you think we will see other member states with a flow-on effect here? You would obviously argue one way for that?Well, I wouldn't necessarily argue for the breakdown of the European Union, though I think in the end the European Union as it is now will not exist in the future. The European Union has a huge tension here. So the Eurozone basically has not been a very, not a successful project, the euro currency. To be successful, it will require more and more EU integration. There's talk of a euro-wise Treasury. They have common monetary policy. They will need common fiscal policy, which would basically mean that, you know, euro-wide budget setting is adopted. Now, that, for a democratically-elected government, you're, your biggest policy measure that
is setting your budget, to have that taken from you is to basically give up on a nation state as it is now. So I think that European member states will be pushing against that while the European Commission is pushing for that. So how does the European Union, with the euro in a 19-member states of the EU being members of the Eurozone, how does it actually marry those tensionss a huge challenge that it faces in coming years and on top of that obviously dealing with preks Brexit as well, the second largest economy leaving the EU is going to be a monumental challenge. I think it's something that the EU leadership needs to do some serious soul searching about and I think Anne is right, about messaging, but also the policy direction it is going in. I think perhaps we will see some devolution of powers back to EU member states as a way to give member states a feeling that they actually have got more control over their democracies and sovereignty. Okay, yes, finally for you Anne? Just to finish on that. Good points Georgina makes in relation to the budget particularly. I would say already in the treaty structure, the national paurments, since Lisbon, are written in, and example
therefore any draft measures, for example the idea of sharing the control
budget and centralising that control would be sent out to the national Parliaments of member states, number one. Number two, it would require unanimity of all member states to agre to such treaty changes and similarly to Georgina, I'm not persueded that is something that would come in the short or long-term. Thirdly, as well as terms of voting processes, these are all processes in which the member states have quite an active role, not only through the council, but also through the voting procedure, through the European Parliament. The problem has always been that the member states have not properly understood or have refused to understand how to best explain that to their citizenry, so their citizens can in fact work through those mechanisms. So this, the member states actually already have the powers that they need and would require to protect and manage their democracy in this blended context. It's just that it's not been particularly well exercised to date and as we've seen with the Brexit outcome, it's, in my view, a lesson the member states really need to take to heart.Anne McNaughton, senior lecture at the college of law and Georgina Downer I thank you for your insight into the historic outcome today. We will take you now to our broadcast partners the BBC for results.
further coverage of the Brexit We also know for for example that some of those con krekss negotiated by David Cameron, such as being able to reduce the amount of benefit that is paid to those who years,
come live here for the first four years, that now won't come into play. So yes, we are in a period of great uncertainty. I think the right thing to do now is to have some stability, for David Cameron to stay at the helm for the time being and have a little pause before we rush into doing anything next. But there are clearly an, an instruction has been given to Parliament that we will be leaving the European Union. What about this Brexit budget. Do you expect that to happen? Would you support it?Well, I think that we need to, as I say, we are in a period of uncertainty. I think over the next few days the government the
will have to see what happens with the economy. And I think it would be too soon to implement an emergency budget of that nature. You want them both to stay on?I think what we don't need right now is immediate resignations. I'm shaur that at some point there will be a change, probably leading us into the negotiations. But I don't think that should happen immediately. I do hope we won't see David Cameron come out and resign this morning. I think that would add to uncertainty and I think he will be a voice of calm and reason as when ter this very uncertain period. Busy day ahead. Thank you for coming in. David. You see on the bottom right of the screen that the Leave campaign is now leading by 1,223,000-odd votes. So it's well ahead there. We have two council areas still to come. But what people will be ask asking - we've been asking here about around the table - is what happens? One man has been at the Cabinet, he's the Cabinet Secretary from 2005-11. He sits right at the heart of government and he was there under tlar, under Gordon Brown, been there un-- Tony Blair, under Gordon Brown, and under David Cameron. GusO'Donnell, what would be happening right now coming up to 7 o'clock in Number 10?There would be work on contingency plans for this event. They will be worrying about the volatility in the markets and hoping that that will calm down. There's not much they can do about the pound falling. That would get to its level. But they will think about making sure there aren't unstable markets and then on the political front we need to sort ourselves out to get a negotiating position, so that we can sort out how do we exit from the European Union. For example, when do we trigger Article 50? Now, if I were there's no
Cabinet Secretary, I would say there's no great rush about that. I'm glad to hear some of your guests saying exactly the same. This is a 2-year process. Believe me, this is not a simple process. It was designed in a sense to make leaving very difficult and not easy for the leaving country. So I will be holding off on that, and waiting until we have a settled government that can give clear direction to implement the will of the people on how we leave. But the Prime Minister said that owe maybe - maybe this was just a threat - that if the vote was to leave, he would invoke Article 50. You would say if you were there, actually Prime Minister, you don't need to. It's obviously the fact he doesn't need to, except for political reasons reasons. Can country voted. They will be impatient with a Prime Minister who in effect they didn't like very much because they didn't go along with his view, who is saying, I'm not going to do much for a bit.The question will be does the Prime Minister decide he wants to stay on and lead the negotiating period? I'm saying when you trigger Article 50, which is basically a letter from the Prime Minister to the Council of the European Union, you start that 2-year clock going, I wouldn't be in any rush to start that off. We know where we're going. The people have spoken. There's no question of not going, not exiting. The question is really how do you do it and when do you start that formal process? Article 50 is the only legal way to leave, you know, we've signed up to a leave.
treaty that says that's how we leave.In effect you could negotiate it all before you invoke this "we want to leave" article. We will leave that coverage from the BBC now. Now to check in what is trending online. Here is News Exchange. History is being made in the UK. It appears it is leaving the EU. The referendum outcome delighted Brexit campaigner Nigel Farage.

Conservative member of the European Parliament Daniel Hannan said:

The results show a sea of blue in England in favour of a departure, but it's a different result in Scotland. The Scottish National Party notes 62% of people voted in favour of staying in the EU. All local authorities backed Remain. The result is a major blow for British Prime Minister David Cameron. He hasn't provided an online update since this post when the polls closed.

From Germany the Vice Chancellor Sigmar Gabriel's tweet translated, reads: "Damn, a bad day for Europe". The British pound has dived, and fallen to the lowest against the US dollar since 1985. Google says search interest in the pound sterling reached the highest point globally since 2004. Australian politicians are weighing in on the result. LNP Senator for Queensland Matthew Canavan:

There is no cause for Australians to be alarmed by these developments. However, there will be a period of uncertainty and some instability in global markets. I have no doubt that European leaders will provide reashurps and leadership that will in due course settle many, if not all, of those uncertainties. Tasmanian Senator Jaqui Lambi reacted -- Jacqui Lambie reacted.

There's been worldwide interest interest, something not lost on Lindsay Lohan.

She criticised some electorates not in favour of Leave.

She makes the case for the UK to remain in the EU.

On the other side is Elizabeth Hurley.

The pro-Brexit supporter shared this. "Here comes the sun". Brexit supporters were taking no chances as they went to polls. They shared shots on Twitter with the hashtag "use pens". They encourages voters to trade pencils for ink. Many feared votes could be changed with a pencil, amid suggestions the EU referendum could be rigged in favour of Remain. The use of pens is allowed under voting rules.

This was captioned "don't forget your pens, conspiracy theerists". The former British Prime Minister Tony Blair bake became is subject of a meme. He held a sign saying he voted with the Remain camp. Others reworked the image. The text was changed.

Some were critical of the former PM's decision to go to war in Iraq, captured here:

One suggested Mr Blair was backing Donald Trump in the US presidential race. This one posed a question whether he is as bad as the Republican billionaire. Kath, we're waiting to hear from David Cameron from Downing Street. Eyes, too, on the financial over
markets, due to open in London in over an hour. I'm sure the world will be looking that way. Thank you. Time now for the weather.

Hello. The much anticipated the
widespread snowfalls arrived with the cold front this morning. Extensive reports from Tasmania up to the southern parts of NSW. There were falls down to 400m across a broad area in Victoria, including Ballarat, and the Ottways and the alpine resorts have had half a metre of cover, 20-40s cancm and more falls expected later. The front produced wild storms with showers across the SE. We have lighter falls moving through. In the 24 hours to 9am, SA had 39 in one area and Mount Victoria in NE Tasmania, 58. A flood watch is in place for the northern river basins in that state. On the satellite you can see cold air sweeping north with that system, and we've got a few more trough systems to follow. There are winld warnings and Gail warnings across the region. The cloud band to the north has been clearing the E coast for the day, which brought Queensland
scattered showers to North Queensland and pran is building over here in the west. The trough and frontal system moved through Sydney after 9am and the tem temperature dropped by 3-4 degrees in half an hour. It's now 15. There were gusts of 70km/h. As the line moves north we will see strong winds pick up in the SE of Queensland. Winds will ease in the morning. The cold air mass, some clearer conditions expected to produce record-breaking low temperatures about the southern inland parts of Queensland. There won't be any snow. It won't be too far to the south of the border. Southern parts of the Northern Tablelands in NSW can expect snow above 1,000m overnight and tomorrow we can expect rainfall of up to 50mm through central parts of the west. Widespread frost areas where the skies are clear. Canberra down to minus 2.

Many thanks. We're going to take you back now to our broadcast partners, the BBC, for further coverage of the Brexit results. In Dudley, for example, and Walsall, looshg at the height. The height represents the amount of votes that Leave won by. The West Midlandses were extraordinary. We can see Birmingham. Birmingham had the biggest number of voters in its counting area. Bigger than anywhere in the country. 700,000. Probably was they basically cancelled each other out. 700,000. Probably was they
basically cancelled each other out. There wasn't much of a majority for Leave. That was to Leave's advantage. Because Birmingham was expected on paper to go Remain. The fact that Leave won at all in Birmingham was remarkable. Any sense of impact of the Remain vote in Birmingham didn't happen. We move on. East Midlands, again, look here: So lots and lots of Leave victories. That is what is happening here. You can see the yellow is Leicester, and Rushcliffe, but Boston on the east coast, the biggest majority, something like 80% voting Leave. We had it down as the most Euro-sceptic counting area, we were right, it turned out that way. You can see the blue bars piling up. In so many parts of the country, that is how Leave won. Now, London - it let's look at the London borrows. 33 of them. -- boroughs. 33 of them. Look how many went Remain. It wasn't enough. They managed to not clinch victory in places like Barking and Havering and Bexley, but they didn't put on enough votes across all of the London boroughs. Yes, Lambeth had a huge majority to Remain, but places like houns low, much closer. So -- Hownslow came closer -- Hounslow came closer. About 60-40 in London for Remain 60-40 for Leave in the rest of England. An unequal match in the end. That map shows you why the UK has voted to leave the EU. David. Thanks very much. Emily.

To the Lib Dem leader. I know you described yourself as sad and angry in the Remain campaign. If you look at the picture that Jeremy showed you, all of the big met terror areas, Newcastle, Birmingham, Sheffield, expected to be solid Remain, weren't. What went wrong? I'm not all that bothered about doing an analysis of the individual nature of the results brick by brick. The reality is we wake up this morning to a Britain that complies with the vision that Nigel Farage has set out. That's not the Britain I believe in. And whilst I fully accept the result, it's important to that in a democracy, I don't believe for one moment that we should be turning our back on the outward-looking, decent, that Liberal
inclusive, interNationalist Britain that Liberal Democrats believe in. So this is a morning where I am, frankly, utterly gutted and heart broke broken. It's beyond party politicings, but I think at the moment I'm in no mood for giving up or thinking this is the kind of Britain I will accept. The Britain I believe in, the Britain that 3 out of every 4 younger people voted for, is the one which does stand tall in the world, that promotes prosperity, working with others, that wants to believe in building peace and being a good neighbour, not being isolated, fearful, angry, and alone. So I accept the result, but by golly, I don't agree with it.It doesn't sound like you accept. When you talk about those who haven't voted to remain in the EU, your suggestion is they are not decent?What we had over 20 years, I don't think that for one minute. The British people have every right to make the decision, Liberal Democrats have a habit of not coming first in the elections, I accept the outcome. What I do point the finger is... Hello and

This program is live captioned by Ericsson Access Services. Hello and welcome to Afternoons. Our top story - the UK votes to leave the European Union defying the polls.Let's get rid of the flag, the anthem, Brussels and all that has gone wrong. (CHEERING AND APPLAUSE) Markets react, sending the pound into fra-fall crashing to a 30-year low. -- free-fall, crashing to a 30-year Europe watches on, telling the UK, there will be no going back. And our political leaders react, warning a Brexit will be another challenge for Australia. Well, the United Kingdom has voted by a narrow margin to leave the European Union after 43 years in an historic referendum. London and Scotland voted strongly to stay in the EU but the remain vote was undermined by poor results in the North of England. UKIP leader Nigel Farage has hailed the result as a UK Independence Day. Europe correspondent Steve Cannane joins me from London. This result has communities.
sent shockwaves through all communities. What has the reaction been?London is waking up now, being 7 o'clock in the morning, a lot of us have stayed up all night watching this unfold but I think there is a shock that this is shocked.
happening. Even Nigel Farage was shocked. At four past 10 UK time last night he declared that he thought remain had edged it out. The polls said that remain was going to remain. The betting markets when I first came on air were suggesting 86% chance that remain would win. The currency markets were saying the same thing. You mentioned that the pound his hit a 31-year low. The highest it had been in a year after those polls came out that suggest that the UK was going to vote remain, it hit its highest then. I think there is a sense of shock because everyone was arguing for a remain. Every living Prime Minister and Conservative were arguing for the remain case. The Labor leadership, the union movement, the Prime Minister, we had business leaders, nine out of 10 economists, on the security level, we had MI5, MI6 former chiefs coming out. There is a sense of shock compared to what the polls were saying but also in what a whole lot of people were arguing for as well.What do you campaign?
think won it for the leave campaign? Was it the undecided voters? Was it people changing their minds? Did one side have a better campaign? Did the weather put a dampener on things?I don't think the weather is to blame. I spoke with Mathew Paris, a columnist, he said that the leave campaign was better. I really thought that the economy would trump but it seems like the two issues of immigration and sovereignty were the key issues that got leave over the line. Also, massive factor, Boris Johnson, popular former Mayor of London, decided he was going to campaign to exit. I think he has been the key factor. I think that was the turning point. Because he is somebody who can mobilise swinging voters. We saw that by the pure fact that he won the mayorship in London twice in a row if what is a basically -- in what is basically a Labour city. He has an ability to connect with voters. The UKIP voters, there were 4 million in the last election, they as Nigel Farage said, climbed over broken glass to get to the polling booths. The voter turnout was high.David Cameron is expected to speak in the next few hours. Is his position tenable after this result?It is very hard to work out how the Prime Minister what has been campaigning so ferociously and so passionately against leaving, who has said it will basically endanger the security of Britain andles, potentially -- and also, potentially, undermine the economy, that he would be a person who would want to then preside over the exit of Britain from the European Union. That would be a difficult position to sustain and remarkable, if you think about it, that he could soon ago.
go. He won an election 13 months ago. It will be difficult for him to stay on. I don't think he will resign straightaway. If there is a transition, it will be orderly, done in a calm way and thought out. The last thing they'll want is panic. There may be an argument that there is already a panic on the markets with the pound plunging to that 30-year low. The markets are due to open in an hour's time. But there may be a delay. I imagine people will take a big deep breath and that issue won't be sorted out. Who knows - a lot of people didn't see this coming, so who knows what the next step is for the Prime Minister.If there is a transition to a new leader, who would that be? I would imagine Boris Johnson would be at the top of the list, also I imagine it will have to be somebody who believes in exiting if they are to preside over those complex, complex, negotiations that will have to unfold over the next few years that will see the UK exit from the European Union.We will have to leave it there, Steve Cannane. Thanks for your insight on that. Stefan Devris, joins me live from Paris. France was very keen for Britain to remain. What's the reaction been there from France? : There is no official reaction by the French Government. There'll be an emergency meeting in about 50 minutes at the PresidentPalace followed by a press statement from the French President. This is embarrassing for France because Britain and France have been allies for 40 years. They want the Britons inside the European Union. The only other reaction will be from Marine Le Pen, the leader from the right wing party. She claimed a half an hour ago on Twitter, "This is a victory for liberty. Now it is up to us." She clearly wants a referendum on the question of frexit, of France leaving the European Union, that won't happen for the next few years but it is clear the right is very happy with thing
the result and they want the same thing for France.What then do you see, if that is a more long-term issue, a Frexit idea, what are the Britain
immediate implications for both Britain and France?The immediate implication is of course everything is unclear because this has never happened in the history of the European Union. It is a historical going
day so nobody really knows what is going to happen. However, France and Germany, they did prepare a plan B, a planned Brexit in case of the result today. The Government did not want to tell what's exactly in this plan but it is cleared the countries have prepared some kind of scenario. One of the things that could happen, for instance, is that the border of the UK that's now in ca -- Calais, a resort town in France, France threatened to open the border so the refugees can cross over the border into the UK. This is a threat. I'm not sure if this will be put into effect. But there will be a lot of consequences. There are over 400,000 British pensioners living in the south of France. There are over 300,000 French people working and living alone in London. What will happen to them? So many, many questions but it is sure that the relationship between the mainlands and the UK is really under pressure today. How confident are you that a seamless or, rather, a timely exit strategy will be put in place?Not at all. I think the negotiations will be very, very difficult. Will take a very long time. Sources in Brussels and the European Commission have told me that they will give Britain a hard time to set an example to other countries so they will not leave. It will be complicated and Britain will not get any presents from the other 27 member states.You mentioned Le Pen, who is right of centre, who said it was a victory for her. Do you even think that those perhaps in the centre of politics or even just a little to the left might consider being in the EU or, indeed, the EU's importance in the world?The EU has been under much criticism in France for many years. In 2005 there was a referendum in France on the project of the European constable -- constitution. Over 60% voted against this constitution. Since 2005, over a decade already, the French are European Union.
already critical against the European Union. This is also because the French are very afraid of globalisation. Anything that comes from abroad is considered a threat, especially when it comes to the economy. The European Union is seen as some liberal monster that, basically, well, destructs the French economy. There are many parties who would like to lure voters with their rhetoric but, in reality, France is nothing without the European Union and vice versa, because the European Union needs all those member states, including the UK, to form an economic bloc for the 21st century. That's the reality. That's not really working well in French and European politics in general nowadays.A lot more questions than answer ast this stage. Stefan, thank you very much for your insight today. Well, as the reality of a Brexit sets in, there's been mixed reaction from London locals.The best news ever. We want England to come back, or Great Britain to come back, how it was years ago and it is going the way that we want to it go. So, yes, I'm pleased, very pleased, for the country overall.I don't think it is going to be easy for me, here. I don't know. We will see what's happening.It won't affect me at all. This is the thing. They reckon it'll be two years before anything's actually done even though if we win. And I say, I don't think it will affect me for a while yet. But, I mean, it is just great that we've actually got our independence back.Well, from London to Sydney now, and reporter David Spicer is at the Australian Stock Exchange. David, it has been a somewhat volatile trading session. When the announcement was made that the exit was definitely happening, shares Absolutely.
responded quite negatively? Absolutely. At the beginning of the day, the Australian share market futures was predicting that the market would go up by just over 1%. And that's how it commenced in the morning, with a modest increase in value. Then as the results trickled through, the stock market first retreated slightly and then went into a very significant fall. A bit of volatility when remain came back into the leave for a short time but then it kept its downward descent. The net result is that shares lost $50 billion in value today. The All Ords down by approximately 170 points. Shares in different areas fared differently. Ones closely affiliated with the British economy fell by up to 14% in some circumstances. BHP fell by 8% - more than $1.50. Some of the big miners fell. All the banks fell, and also many other sectors were also in retreat. In fact, the only bright spots were in, sort of, exceptions such as gold stocks. Gold stocks increased significantly in a flight for safety. But overall, a very...a sea of red here for Australian stocks across the board.David, would you say these losses were in line with expectations?Well, the expectation this morning was that the stock market would increase so it was really a shock. And it was, you know, a free-fall at one stage. But we saw the signs early when currencies started moving in opposite direction from the expectation. The pound, the British pound, it had been increasing during the week, and it immediately dropped 7 cents against the US dollar. I think it ended up around $1.35 - the lowest level for the British pound since 1985. The Australian dollar also fared negatively. It was reduced from 76 to 73 against the US dollars. The Japanese stock market reacted even more sharply, down 7 to 8%. In fact, the yen is appreciating significantly against the pound, which is going to cause all sorts of problems for the Japanese economy. So we're in unchartered territory to a certain extent and it's going to have all sorts of spin-offs. Some speculation in financial markets that it increases the chances of an interest rate cut in Australia, with the Reserve Bank, perhaps, more slightly likely to reduce the interest rates. Certainly, in England, there is speculation that the Bank of England is now more likely to drop interest rates. So, certainly, volatility is the name of game and bad news for Australian stock holders, bad news superannuation.
for people with money in superannuation. The only ones that have benefitted are people with gold stocks and also bitcoin went up 12%. So a very strange day. Europe is obviously waking up to this outcome at the moment, as will the United States. They're open for trading shortly. Are you expecting similar sell-offs on those markets? Well, there are usually...there are futures predictions of a drop in the British market of 7 or 8%. So they're already factoring in that it is going to be a very negative day on the British stock market and I think there's no way around that. At all. Of course, we saw the situation emerge during the day while trading was taking place. They'll have a definitely result this morning to wake up for and it's going to be a market.
sea of red on the British stock market. And whether that has a flow-on effect on the Australian stock market next week remains to be seen. There was a bit of a lift, slight lift, of the stock market just towards the end of trading. But, overall, a negative day with $50 billion wiped out from the value of Australian stocks. Perhaps more to come next week.Elise Morgan will have extensive coverage on the Brexit vote in 15 minutes' time on The Business. Julie Bishop has commented on the historic Brexit result. We will bring that to you now.We of course will respect the outcome. It was a matter for the British people. We will work with the outcome. We have plans in be.
place, whatever the outcome would be. We must remain calm and ensure strong.
that the Australian economy remains strong. That's why we hope people will back the Turnbull Coalition next week because we have a plan to keep the Australian economy strong, the keep jobs growing, whatever the result in the EU.What is the plan? It will be some time before the implications are fully known. We will certainly work with EU and Britain should the result be that Britain decide to leave. But the full consequences won't be known for some time. There'll have to be a negotiation between EU and Britain on the terms of the withdrawal.You're saying stay calm but there is already a lot of has
panic, even records that the pound has dropped to its lowest level in 30 years. What does that mean for our economy in terms of trading? There'll be great volatility, which we've seen at the prospect of Britain leaving the EU. But it can't be taken for granted. We have an economic plan for growing the economy so we can withstand these kind of expersonal shocks. That's what our plan is about - making strong.
sure the Australian economy is strong. Our trade agreements with countries to our north and our trade agreements around the world that the Coalition has been negotiating will help us maintain that strength.Is it a worrying sign though? No-one was really expecting this?Well, it certainly...As you said, it is too early to count.It certainly caets -- indicates that the pollsters had it very close. I have said in the past that the Australian Government will of course respect the outcomes, the views of the British people.Bill Shorten last night seemed to have had a bit of a run on the television in terms of Medicare. You have said the whole time he has been running the campaign on lies?Bill Shorten has abandoned any economic policies. He was basing his entire campaign to be the Prime Minister of this country on a lie. He has now been exposed as having lied about the issue on Medicare and I don't think the Australian people will trust him again. This was a very important moment in the campaign. He has been saying that the Coalition will privatise Medicare. When asked directly what was the evidence, he had nun. That's exposed him.Malcolm Turnbull has often said that he wants to break away from England and lose those ties. Do you think this might strengthen his argument?I believe that the Prime Minister is, of course, prepared to work with Britain. It is the fifth largest economy in the world. It is an course
indispensable friend of ours. Of course we will continue to maintain a very strong connection with Britain. But, likewise, the European Union is a significant trading bloc for Australia. So whatever the outcome, the Turnbull Coalition has a plan to ensure Australia's economy remains strong. Anything else?No, that's it.Back to work. That was Foreign Minister Julie Bishop speaking there earlier, a day ahead of the Brexit vote, saying to expect great but
volatility in the financial markets but that the Australian economy is resilient and could deal with the implications of a Brexit. Well, we're going to take you now to our brast partners, the BBC -- broadcast partners, the BBC, for --
further coverage of the Brexit rul -- results. If you go to the shop today or next week to do the weekly shop, will you find it more expensive because of what's happened today and to pull out of the EU?If the sterling is lower than value you intend to import inflation into the country because your imports are more expensive.I will stop you, the Chair of the Electoral Commission is announcing final figures.Held on 23 June 2016, I hearby give notice that I have certified the following. The total number of ballot papers counted was 33,577,342. The total number of votes cast in favour of remain was 16,141,241. The total number of votes cast in favour leave was 17,410,742. (CHEERING AND APPLAUSE) Pub -- (CHEERING AND The number of...the number of ballot papers rejected...the number of ballot papers rejected was as follows. No official mark, 232. Both answers voted for, 9,084. Writing or mark by which the voter could be identified, 836. Unmarked or void for uncertainty, 15,207. The total number of ballot papers rejected was 25,359. This means that the UK has voted to leave the European Union.

I would like to thank, once more, the counting officers and election staff, the regional counting officers, the Chief Electoral Officer for Northern Ireland, the Clarke to the Gibraltar Parliament, the Royal Mail and Manchester City Council. I would also like to thank all of the Electoral Commission staff past and present and particularly the Deputy Chief Counting Officer Andrew Scallon. Thank you very much. Good morning, everybody. The sun has risen on an independent United Kingdom and just look at it...even the weather has improvedIt has been a hell of a long journey, this. I first got involved in Eurosceptic politics 25 years ago and the first election I contested I managed to beat the late, great, screaming Lord Such by 164 votes so I didn't come last. Now there are 17 million people that voted for Brexit. It's a victory for ordinary people, decent people. It is a victory against the big merchant banks, against the big businesses and against big politics. And I'm proud of everybody that had the courage in the face of all the threats, everything they were told, they had the guts to stand up and do the right thing. The election was won, many my view, in the Midlands of the north and it was the old Labor vote that came to us and we, particularly as a party, campaigned as hard as we could in those areas. There is still a massive disconnect between Westminster, SW1, and real communities. The one image I will remember throughout the rest of my life was a woman in Bolton grabbing my hands with tears in her eyes, saying, "Why doesn't David Cameron, why doesn't the Government come and see what they've done to my community, what they've done to the don't
prospects for my kids?" People are don't understand. They're too wealthy. They don't get what open-door mass immigration as a result of EU membership has done to people's wages, to people's availability of getting GP appointments or their kids into local schools. This was the issue ultimately that won this election. So I'm thrilled that we've done this. I believe the other big effect of this election is not what's happened in Britain but what will happen in the rest of Europe. I mean, the rest of the EU Eurosceptic parties never talked about leaving the EU, now they are. The majority are saying they want to leave. So we may well be close to Nexit. Similarly in Denmark, the majority there are in favour of leaving, so we're close to a Dexit. I'm told the same applies to Sweden, Italy too. The EU is dying. I hope this is the first step towards a Europe of sovereign nation states trading together, neighbours together, friends together but without flags, or useless old unelected presidents. What happens now? What happens next? 17 million people have said we must leave the European Union. We now need a Brexit Government. A job.
government that gets on with the job. A government that begins the re-negotiation of our trade relationship. A government that'll be mindful that already many of the German car manufacturing unions have said, "Let's get on and do a deal. Let's go on selling motor cars and wine and cheese with each other." But a government that also, at the same time, uses the opportunity of Brexit. The opportunity is we're now freed to start making our own trade deals and associations with the rest of the world. We've left behind with this result a failing political union. We've given ourselves the chance to rejoin the world in a 21st, global economy. So we need, as I say, a Brexit Government. We need the negotiations to start as soon as humanly possible. We need to start thinking globally about our future. And the other thing I think that needs to happen, is that June 23 needs to become a National Bank Holiday and we will call it independence-day, thank you. CROWD: Yeeaahhh!They were live pictures from London, UKIP leader frarch -- Nigel Farage addressing the media saying 17 million people voted to leave. He said it was a victory for ordinary people and that it was old Labour that won the vote. He said it is time to get on with the job and a Brexit Government is the only way to do that. He said the first order of business is to start re-negotiating new trade deals that would involve Britain being out of the European Union.

Today's top stories: The UK has opted to leave the European Union after millions of people cast their vote in a historic referendum. The results defied late polls with voters outside London backing Brexit in large numbers. The news of a Brexit has sent shockwaves through the financial markets with the pound crashing to a 30-year low. Prime Minister Malcolm Turnbull says Britain's exit from the EU is a momentous and historic decision and he said Australia's economy is sound. But Shadow Treasurer Chris Bowen is warning the Coalition against politicising the economic impact of the Brexit back home. Sydney stockbroker Oliver Curtis has been jailed for two years for an insider's trading scheme. He shared from $1.4 million using insider trading using confidential information from his friend. Supreme Court Justice Lucy McCallum said white collar crimes were serious offences. We take you live to Opposition Leader Bill Shorten who is speaking in Cairns.I am pleased to be able to reconfirm and announce today that not only are we going ahead with our Northern Australia Tourism Infrastructure Fund but we will make sure that one of the very first projects that gets considered will be providing extra funding for the development of the master plan of Cairns Airport. Cairns Airport represents one of the two fastest growing airports in Australia. If we're able to provide the funding and help the Cairns master plan in its development for coming years we can make sure that Cairns' position as one of the leading tourism destinations in the world, continues to grow and its reputation continues to get even better than it already is. Tourism is at the heart of improving job doesn'ts in regional Australia and -- opportunities in regional Australia and North centre
Queensland is certainly at the centre of tourism jobs. This announcement will ensure that a loan facility be able to Cairns Airport will provide just the sort of turbo-charging that's required to give a strong, reinvigorated future to Cairns tourism. So we're very pleased about that and we think this reckon -- reconfirms our commitment to regional Australia and boosting tourism and jobs.We will leave that media conference there. That was the Opposition Leader Bill Shorten speaking live from Cairns. Elise Morgan is here live with The Business. Welcome to The Business. Coming up on the Prime Minister...Let June 23 go down in our history as our (CHEERING
Independence Day! (CHEERING AND APPLAUSE) Britain is heading for the European exit leaving market carnage in its wake. Just how bad will the fallout be and will the UK be the first to leave? Well, the pundits, the pollsters and loads of bookies had it wrong in a move that has rocked many global and currency markets, British has ston niched all by voting to leave the European Union. Trading room floors were buzzing even before the Aussie market opened as early result showed the two sides neck-and-neck.Swindon votes to leave.At 10am traders were confident the remain campaign was stay. However, around 1 o'clock, the BBC called it for Brexit and all hell broke loose. The pound slumped 10% and Asian share markets were smashed. Once it was clear the leave camp had won, the ASX, already deep in the red, headed further south. It has closed down around 3.2% - its worst fall since September last year. Around $40 billion has been wiped off the All Ords. Some Asian markets fared even worse. Tokyo's Nikkei fell so hard the automatic circuit breakers kicked in. It was temporarily shut down around midday. It has closed down around 8%. Hong Kong down around 4.5%. These are huge moves, not seen since the worst of the financial crisis. -Huge moves in the currency markets too. The US dollar and the yen are soaring. The British pound is sinking. The Australian dollar has been caught in the crossfire in volatile trade. Evan Lucas joins me from Melbourne. Also we have Westpac's Chief Currency Strategist here with me in the studdee. -- studio. Going to you, Evan, first, the worst of the market, how bad did et -- it get and what were the worse sectors?It was a really black day. I think where I have been looking is outside the UK you have to look at what happened in ja pap today in term -- Japan today in terms of you can see very much it is a flight to safety there. 30-year bond hit the lowest level on record and the yen was brought up with such strength that we haven't seen these kind of numbers even during the GFC. Against the US dollar it is below parity. It makes things very, very hard for that economy to keep firing forward. You talked about the pound but you need to look at what that means. It is the worst day on record, worse than Black Wednesday and worse than any day they saw during the GFC. Volatility in the pound is at the highest level it's ever been. We saw the BoE, the Bank of England, come out and say they will take every necessary to shore up and stabilise liquidity in the market. It is such a game-changer.That's huge. Sticking with the currency issue for the moment, Robert Rennie, the Bank of England, has come out, as even said, and said -- Evan said, it will come out and try and support the pound. But can it?It can to an extent. The key is we have taken a lunch into the unknown. We don't know -- lurch into the unknown. We don't know what politically will happen next. The Bank of England, possible the BoJ, maybe even the Fed, it shows they are talking. I wouldn't be surprised to see liquidity swaps between the Central Banks just to emphasise that if anybody needs dollars, you can borrow them from your local bank. That is a very important statement to make.Taking a look at that liquidity issue before we delve deeper into what this all means for Australia and Australian investors, liquidity was a huge issue when we were back during these times, similar times, in the GFC. Money markets were shut. It sent a huge amount of panic through the markets. Do you think that's going to be an issue through this time?Look, I don't, no. I think we've learned how to deal with these liquidity issues. Central Banks around the world have execute and maintained these borrowing lines between themselves. As long as those are in place we should see much lower levels of volatility. Having said that, we need to watch developments in the UK. We have had an incredible development, one, certainly, that not
most, including myself, really did not expect to happen. As we watch the political developments, I'm sure we are going to get an awful lot more volatility in global continue
financial markets which could continue into next week as well. Focusing on Australia for the moment, what happened with the Australian dollar and do you see it falling from here or do you see it rising from here?Look, I think in the short-term the risks are clearly to the downside. I, like many, in Sydney was in super early this morning. I sa uthe pound first thing this morning -- saw the pound first thing this morning north of $1.50, Australia above 76. For me it was Sunderland, then it was Newcastle. There is risk that the Australian dollar continues to push will see
lower, there is a possibility we will see it down to 72 cents, possibly over the weekend and depending on how Central Banks, the politicians, etcetera, depending on what happens next. Apart from that, I'm not sure. Remember, the Feds delivered a pretty cautious presentation from Yellen.Yellen herself said Brexit is a specific reason that we're keeping US interest rates steady for now. We need to know what's going to happen.Absolutely. I think that's the key. It is not as if this was a left field event. Every central bank around the world has been focusing on the very obvious risks. Brexit was one of those. Thank goodness we've seen a lot of Central Bankers express caution. We will see more of that, I think, in the coming days and weeks.We will see if it calms the market, if at all. Evan, turning to you, looking today
at the Australian share market today and how it will respond in the coming, well, next week on Monday, when it opens up again, now we've obviously had the initial panic. Do you think that this will remain?Unfortunately, I do. What I was watching very clearly is, yes, our
the FTSE futures were open during our trading sessions but the European markets weren't. At 4 o'clock, the future markets of the Dax and the Cat both opened and the Dax plummeted. To around 10% when be
it opens on the cash side. There'll be that. Then you need to look at their
what's happened in the US with their futures. They have a circuit breaker like what goes on in Japan, the Dow, the Nasdaq all limited down twice today at 5%. The volatility has been seen here, yes, but, clearly, the fallout in the US, Europe and the UK now plays out tonight in the live market. So, unfortunately, come Monday, we're probably going to pick up a little bit more of that and question is
probably see another pullback. The question is how much. Now, I think you need to be very aware - we're not as exposed from the equity side as obviously the US or Europe is, for obvious reasons, but it is clearly, as Robert alluded to, a risk event we have to be aware of. Next week also we have the end of be
financial and our own election to be part of as well. That needs to be something we need to be aware continue
and why volatility will probably continue all through next week as well.Looking at the Australian market today we saw every sector sold off but there were a couple of bright spots and we saw gold stocks, in particular, rise. We saw the likes of Newcrest up around 8%. Are they the only stocks that are really going to rise in this, because we even saw some of the other normal, sort of safe-haven stocks, like telcos, get sold off as well?Unfortunately, you. Look, if you look at what happened also today, that gold is the one that won, up over 5.5% - highest level in two years. The one you need to look at is gold is almost a thousand pounds an ounce. Clearly, that is the bright spot on the factor. That is where, unfortunately, you are going to see most of that stored because yield has been shifted on the fact that equities are still a risk. The stock to really look at with what today or downside stock was actually Henderson Group. They are a fund manager with a huge amount of exposure to the UK and they fell 14.5% by close of business and shows you how much exposure to the UK over the next couple of months - I agree with what Robert says - will probably be a risk event as we unpick the current situation with Brexit to the political and financial market side.We bring in Jordan Olissio here. Gold was one of the golden assets to buy into today. How high do you think it will go? It is now sitting around, I think, it was just about 1,300 when I left my desk. We had you on the program two weeks ago. You were saying you expected it to be up around 1,400 by year end. We might get there by the end of next week? If the volatility and share market then
weakness continues into next week, then that is a very likely outcome. Having said that, I think we've already seen a very substantial upside move today. So depending on what happens in other markets, I gold
wouldn't be too surprised to see gold consolidate in US dollars next week. On the Aussie side, obviously Robert mentioned that there's probably more downside ahead for the local currency. That will obviously push the Aussie dollar price of combold -- gold up, which is good for anyone who has been holding a core position in the metal. While gold has had a fabulous day today, it is not an asset that people should necessarily trying to day trade based on events like Brexit or any upcoming elections. It is an asset that plays a core role in a portfolio because it does so well when rates are low, it does act as a risk off hedge.So where do you see the price going?Look, I'm happy to stick with the 1,400 US dollar call for the end of the year. Obviously the Aussie dollar call will be impacted by the currency. I wouldn't be surprised to see it finish the year between 1,900 and 2,000 Australian dollars, which is pretty much at all-time highs. So it is certainly an asset that if I had no exposure right now, I'd want to be incorporating into my portfolio. But that's obviously an individual decision. Taking a look, more broadly, at commodities. I mean, we've seen oil come right off and we're likely to see the likes of iron ore, et cetera, come off - is that your view?Yeah, I think if you look at what's happened with the Brexit result and, just generally, global trade volumes, low growth - you name it - we are still very much in a low growth environment. Some issues with commodities as well. I think it will be a long time before meaningful
commodities recover in any meaningful way. Gold, because it is seen by the market as a monetary asset not as a commodity, it has entirely different fundamentals driving the price.Robert, further pressure on resource prices is further pressure on the Aussie dollar. That will have an implication for the Government as new
well and heading into possibly a new Government.That is something we need to remember. Brexit was one of those enormous risk events we all were focused on. Next month we would expect to see some guidance from ratings agencies, we will obviously be watching that one fairly closely, given the fiscal outlook. Later on beyond that we have the US Presidential election as well. I see this year as a wall of worry. We will have to climb each part of this sequentially through. Unfortunately, it seems we've fallen flat on our face because of the Brexit issue. The risks in the short-term, when you look at global growth, trade, east-west trade, very low for this time of year. Remember, we have seen 150 and sub35, incredible swing, when we see this kind of switches
volatility, unfortunately it switches off that trade and that's something that hits global growth, that's something that can hit the Australian dollar as well. So we will have to watch that one very, very closely.We are looking at pictures there of live of London, of
waking up this morning to all sorts of mayhem on their markets today. We've seen the pound drop 10% to a 1985 low. Do you see the pound going lower today?Oh, look, I think the risks in the short-term has to be the downside. As I said before, this is a leap into the unknown. The UK will remain a member of the European Union until is 1972 European Union Act is revealed. Do we go article 50 of the European Treaty? Does PM Cameron survive? Cam Clarke recently suggested he would last 30 seconds on a Brexit vote. The political picture is unstable. The relationship with Europe are very unstable. That instability can certainly breathe further downside risks in the pound.Back to you, Evan, we spoke about the London futures earlier. They were off around 9%. The European markets were looking fairly sour as well. Where do you think they're going to head today?Oh, I think already we're seeing that in terms of what's playing out on the futures markets. You cannot get away from the fact that clearly before what happened this morning, so overnight for European markets, they were all baking in the idea that the remain campaign was going to win. If you had a look last night when the pound did get up to that $1.50 level that Robert was rering to --Robert referring to, it was on the back of three major polls, who all pointed to the idea of between 52 and 54% would be in the remain company. That's been put into cash equity markets. They have to rewind that. They would see a 20% loss in one trading day, along with the fact that you will see the FTSE around 6,000 points, the Dax under 9,000 points. It will be a fallout for the Friday sessions for the Europeans that's why unfortunately Monday for us and Asia may be a pretty rough session indeed.We have all so much from central baingers already and government -- bankers and governments calling for calm on markets, saying, "Think this through. Don't go hitting the sell button." There's a lot to come out of this. It is not just how an easy decision of how you extract yourself from this. But there is absolutely no chance that markets will listen to that, are they?No, they're not. The other thing to be very much aware of is that how this unpicking happens is clearly the unknown. I agree, is it article 50, do they completely disassociate themselveses from the EU? There is now a 2-year period to do it. How does that all happen? Because there was no road map there was no real campaigning around how they would go about unpicking the treaties they have in the EU means the markets have every reason to be irrational. That's the unfortunate part. The one thing I want to go back to is an article at the start of the year mentioned the 10 most influential downsides to the market. Brexit was number 7. Number 6 was Donald Trump becoming President. That's why I think that will be interesting thing to hear now is what the Fed talks about over the next couple of months as they lead into it. Brexit wasn't supposed to happen. Do they now have to wait to December to actually see what happens with the Presidential election to really give themselves a chance to possibly raise rates? That's why what has happened today is so unknown and why markets are becoming so very irrational.Let's go back to Robert Rennie. The future of the EU.Yes.Mario Draghi will have to speak at some point today - the head of the European Central Bank. What can he possibly Difficult
do and say in this situation? Difficult to imagine. I see him both as an amazing Central Banker and a politician. He has done what he can. What can he do in this situation given it is politician and politician discussing what happens next, rather than watching Draghi, I'll probably be watching Juncker, etcetera. What is Europes response to this? Because they gave a bit to Prime Minister Cameron earlier this year. He went to Europe, he got a better deal. He went back to the people with that better deal and they still said exit. Does he have a better negotiating position? He has an exit in his back pocket. When Cameron meets Europe officials, does he play that exit and force that better deal. I think that will be critical in terms of setting the mood.Robert Rennie, thank you very much. We're now crossing to Europe where we are hearing the first of the officials speaking. By this, I mean right as well as obligations. Procedures for the withdrawal of the UK from the EU are clear and are set out in the treaties. In order to discuss the details of the proceedings, I have offered the leaders an informal meeting of the 27 in the European Council summit. I also propose to the leaders that future
we start a wider reflection on the future of our union. Finally, it's true that the past years have been the most difficult ones in the history of our union, but I always remember what my father used to tell me - what doesn't kill you Thank
makes you stronger. Thank you.That was the President of the European Council speaking there - just one of the many officials that we'll be hearing from throughout the day, I'm sure. We were just speaking about, before we went to that, the head of the European Central Bank Mario Draghi, it will be very interesting to hear what he says, and of course the Bank of England when they come out and try to reassure the markets. Robert, I'm sure we will be speaking to you again soon. Thanks for joining us. And Evan, thank you also. That's it from The Business. Thank you very much for your time. We'll be back later on with a live cross another 8:30 out of London for how those markets are faring there.

The top stories on Afternoons, the UK has voted to leave the European Union after 43 years. The result has defied late polls and sent markets.
shockwaves through the global markets. Sydney banker Oliver Curtis has been sentenced to a minimum one year in jail for insider trading. And 19-year-old -- Ben Simmons has been picked as the number 1 draft for the NBA. We'll take you back to the BBC.We simply can't expect to have a voice that carries the full weight of the second-largest member state as we had last week.Were you surprised by the result?I was surprised by the result. But, you know, I won't be the first politician in history that's misread what's going on on an election day or a referendum day. We've always been clear that we would accept the decision of the British people and we would deliver the instructions that they gave the Government. Our job now is to starm the situation --calm the situation, stabilise the markets, reunite the country and then move forward to deliver the very best possible outcome we can. Honestly, I believe that outcome economically in particular would not be as good as if we'd remained in the European Union but our job collectively is to make sure it is as good as it can be in the circumstances. That can
we get the best deal we possibly can with the European Union for Britain going forward.Philip Hammond, thank you very much for joining us. Jeremy.I looked, David, at comparisons with 1975, the first referendum on being a member of the European Union. So we're in our virtual Queen Elizabeth Tower at Westminster. Let me show you the '75 result here in England. So you can see the level of euro scepticism, the leave vote, just above 30%, in 1975, and this is very dramatic now. Have a look at what happens when I bring in the 2016 result. It goes above 50%, the majority. Quite some majority in England against being part of the EU - a bigger majority than across the whole of the UK as an average. Compare other parts of this nation now. We go to Wales. In 1975, the Eurosceptic vote about 35%. Let's see what happened last night. It goes up again into a majority position, about 53%. So Wales and England both quite a bit more doubtful about the EU than they were 40 years ago. But a different story in Northern Ireland. So let's bring this one round here and have a look at Northern Ireland. 1975, more Eurosceptic than either Wales or England, as it happens, nearly 50%. But now, let's see. Less so. So becoming a bit more accustomed to the EU. Just as we're pulling out. And Scotland, you know what's coming here, 1975 result, our final clockface we go back in time, 41% wanting out of the EU in 1975. And in the last 24 hours, how many decided the same? Down to about 37%. So it is a divided nation, this. Scotland wants to stay in. England is effectively, along with Wales, pulling Scotland out. A very interesting situation. When Northern Ireland and Scotland have become less Eurosceptic in the last 40 years. David, England and Wales, more so.Jeremy, thank you very much. Well, we're waiting to hear, some time, we think, after 8 o'clock from the Prime Minister at what
10 Downing Street. We don't know what he will say. We are speculating that he'll give a hint that he might be leaving office, maybe in the autumn, or whether he is going to carry on and do these negotiations. So we will stick with it. Kate, I have spoken to twice and each time you've been cut off. Sadiq Khan, Mayor of London, said Project Hate is what you were on about during this campaign and that it was a very unpleasant, nasty campaign. He attacked Boris Johnson but he might as well have been attacking you?Well, I don't think so - well, I hope he wouldn't be - because I made criticisms of both difficult
sides. I think it has been very difficult for people to talk about immigration in a rational, fair way, without being accused of being some kind of, you know, closet racist. I think that has really hurt a lot of people right across the country, who felt that they haven't been listened to as I said before.
And so, I don't know, I think where the Labour Party has failed over many years is to see that that is something that really matters to people, and that it is not being anti-immigration to be able to talk rationally about how do you control numbers of people coming into the country. Because no matter how many resources go into things that Germany has talked about, we need to, I believe, get rid of the discrimination from people outside the EU, which is very, very apparent of all those countries, ex-Commonwealth countries, parts of Asia, where it is so difficult for someone to come in. Yet, you can walk in unchallenged from any of those 26 other countries.How could Labour have talked about this without simply saying it wanting to leave the EU because it is axiomatic, a rule of the EU, that millions of they
people can do that? The only way they could have ever done that is by saying, "We want to leave the EU."Of course, that's what the Labour Party was, a EU Eurosceptic party. That changed because there was a terrible worry about what was going to happen under Mrs Thatcher in terms of workers rights and so on. But everything we have got in terms of our rights at work, maternity leave, all those are enshrined in British law. Some people will be waking up this morning and some will think they don't have any benefits anymore, they don't have any maternity rights. So I think the project fear was completely ignored but huge numbers of people, particularly out of London. Once you got out of London, and I was, it was so different and people at the leadership of all the parties did not seem to be listening to that. That it was a very different scene outside London. I did some rallies last week up in the north-east and it was so obvious that people were not going to follow the leader of the party's view, even though I genuinely believe that the leader of my party is...I don't think he's desperately unhappy today.That is where we leave our coverage of the BBC and check in leave our coverage of the BBC and
check in with Jenny Woodward with the weather. A cold front of an icy blast brought plenty of rain storms and icy snow. A cold air mass extends across the country with widespread morning spread around clear Ky skies -- clear skies. In Queensland, a mainly fine and sunny day. In NSW, early frost on the slopes and Ranges and south-west. For Victoria, morning frost, a cold and partly cloudy day. Some isolated showers about the south-east and south-west coast. A falling of snow above 1,100m. Light to moderate winds. Showers about the west, south and east coast of Tasmania. Fine else and morning frost and fog possible. South Australia, some morning frost about the Ranges and the eastern border districts. There's the chance of rain in the north-west and a few showers about the coast. Showers and poege some morning storms -- possibly some morning storms about the south-west corner. Those showers will be contracting east. Showerings over the Pilbara, contracting east. There is high chance of rain in the Lassiter districts. districts.
This program is live captioned by Ericsson Access Services. Our top story today - opting out - after more than four decades, Britain votes to leave the European Union. The total number of votes cast in favour of Leave was 17,410,742. This means that the UK has voted to leave the European Union. (CHEERING)

The pound suffers its worst day on record, dropping to lows not seen since the 1980s. Europe leaders expect to meet to discuss the Brexit fallout. And - at home, the Prime Minister calls for calm, but warns Brexit will challenge global markets.

In a result that has sent shockwaves across the world, Britain has voted to leave the European Union. Leave won by 52% to 48%, with England and Wales voting strongly for Brexit, while London, Scotland and Northern Ireland backed staying in the EU. The head of the British Electoral Commission says the Brexit poll netted the largest voter turnout ever. Local totals from all 382 voting areas have now been certified and announced, and I have therefore been able to certify the result of the referendum on the UK's membership of the European Union. As chief counting officer for the referendum on the UK's membership of the European Union, held on June 23, 2016, I hereby give notice that I have certified the following: The total number of ballot papers counted was 33,50077,342. The total number of votes cast in favour of Remain was 16,141,241. The total number of votes cast in favour of Leave was 17,410,742. (CHEERING AND APPLAUSE)

The number of ballot papers rejected was as follows: No official mark - 232. Both answers voted for - 9,084. Writing or mark by which the voter could be identified - 836. Unmarked or void for uncertainty - 15,207. The total number of ballot papers rejected was 25,359. This means that the UK has voted to (CHEERING
leave the European Union. (CHEERING AND That was Jenny Watson, the Electoral Commission chief counting officer, announcing those results from Manchester Town Hall. Leave campaigner and UKIP leader Nigel Farage has called for June 23 to be named UK's Independence Day. Mr Farage says the result is a victory for ordinary people. It's a victory against the big merchant banks, against the big politics.
businesses, and against big politics. I'm proud of everybody that had the courage in the face of all the threats, everywhere they were told, to have the guts to stand up and do the right thing. People here don't understand - they're too wealthy. They don't get what open-door, mass immigration as a result of EU membership has done to people's wages, to people's availability of getting GP appointments or their kids into local schools. This was the issue, ultimately, that won this election. So I'm thrilled that we've done this. I believe the other big effect of this election is not what's happened in Britain, but what will happen in the rest of Europe. I mean, in the rest of the EU, Europe osceptic parties never they
talked about leaving the EU. Now they are. An opinion poll in the there
motherlands said that a majority there now want to leave. So we may well be close, perhaps, to Nexit. Similarly in Denmark, a majority there - in favour of leaving, so we could be quite close to Dexit. I'm told the same may apply to Sweden, and perhaps Austria, and perhaps even Italy too. The EU's failing. The EU's dying. I hope we've knocked the first brick out of the wall. I hope this is the first step towards a Europe of sovereign nation states trading together, neighbours together, friends together, but without flags, anthems, or useless old unelected presidents. We've left behind a failing political union. We've given ourselves the chance to global
rejoin the world in a 21st-century, global economy. So we need, as I say, a Brexit government. We need the negotiation to start as soon as humanly possible. We need to start thinking globally about our future. And the other thing I think that needs to happen is that June 23 needs to become a national bank holiday, and we will call it Independence Day.(CHEERING) UKIP leader Nigel Farage speaking just over an hour ago there. We'd like to take you to some live pictures now from London, outside Number 10 Downing Street, where British Prime Minister David Cameron is due to speak to the media shortly. We'll cross back there once there is any movement. Crossing now to our European correspondent James England -- James Glenday - Nigel Farage said Do
it was a win for ordinary Britons. Do you think that will be the feeling as people wake up to this result?Ah, I think that's a fairly big call, given that the country's split what looks to be about 52% to 48% in favour. What he is referring to, though, is what he would call working-class Brits, people in large swathes of northern England that perhaps the whole European project hasn't worked out so well they
for. It has kept wages lower than they might have been, for example. It has led to rapid social change in the form of freedom of movement and the influx of Eastern European workers in particular. That is probably what he's talking to, and it does seem as though those areas of northern England, some parts of rural England, which returned a much higher Leave vote than was previously expected, and they seem to have made the difference. I think today, Nigel Farage has been out and about a lot - he is probably... He is one element of the Leave campaign, but of course then you've got what people would call the more moderate section of the Leave campaign, which includes people like Boris Johnson, Michael Gove, a former minister - we'll hear from them later today once the Prime Minister has spoken. It will be very, very interesting to see what sort of tone they strike. Nigel Farage - very triumphant. These other members, who are senior members of the Conservative Party, are highly likely to be much more amenable to the other side, and looking to heal wounds and move forward together.Farage is also immediately.
calling on David Cameron to quit immediately. We are expecting to hear from the Prime Minister within the next few minutes. What's he likely to say?Ah, flip a coin. I could not tell you. I think British politics, and the British economy, is in a - the European politics, for that matter, as well - is now in a state of flux. There are a lot of unknowns. It is hard to see how a Prime Minister, long-term, could, after campaigning so hard to keep his country in the European Union - he was the de facto face for the Remain campaign - could then turn around and lead the country out. Some Tory MPs, as soon as the polls closed last night, wrote an open letter - some 80 MPs - saying they wanted David Cameron to stay in the top job no matter what, for stability. Perhaps that is what happens. But a lot of people - even some in his own party - are already saying, "Well, he couldn't do that." I think, no matter what had happened with this result, there were going to be questions about David Cameron's leadership. A lot of people at the start of this campaign thought that there would be a divisive campaign, but they thought the UK would remain in the EU. That hasn't happened now. It's a big shock.Whoever presides over the next two years where an exit strategy is in vote has got a lot of work to do with bringing Britain back together because, as we've seen, this result is so tight - 52% to 48% - and it clearly divides the nation.Yeah, and I'll add one more point to that - at least the next two years, because it could take longer. Greenland left the EU much, much, much smaller country - they had arguments over fishing rights and things like that - I guess they didn't have much clout, so perhaps that's why it took so long. That took about three years. Some people are suggesting it could take 10 years, if a lot of European countries wanted to drag their feet on that - I think that's unlikely. It's going to be a period of uncertainty, a period of negotiations taking place. You're right - really, over the next few weeks, there's going to be a period where particularly the Conservative Government is going to have to put the house back together again, after fighting so bitterly over this. There's still a long time till a general election is due in the UK, but David Cameron said that he's not going to stand again, so even when he called this referendum, there were a lot of whispers that this was going to be - a lot of pundits predicted he had staked his career and future on it, and it will be very interesting to see who and what comes next. Many people are already speculating that Boris Johnson, who was the de facto Leave campaign figurehead in many ways, is likely to be one, or likely to be the lead candidate, to replace him should he decide to go. James, one of the immediate casualties was the pound. We saw it slump to unprecedented levels in a percentage move, anyway, and the markets are yet to start trading in Europe. A similar situation is likely to happen to the equity markets, as in huge sell-offs? You'd think so. They might bounce around. No doubt some people will have factored in that this could have been a possibility. We saw overnight, I think, undoubtedly - I think that's one thing that Nigel Farage is definitely correct about - I think that a lot of people saw the early polls that came out after the voting closed and thought, "Oh, well, it's going to be a Remain vote," and the pound surged to its highest level in 2016. Now I think, at last check, it was its lowest since the 1980s.Mm. 31-year low. Yeah, a 31-year low - there you go. So it'll be interesting to see how much that may or may not bounce around. Before this happened, economists - something like 9 out of 10 economists warned that this would be bad for Britain's economy, bad for Europe's economy, bad for the Western world's economy, because of the uncertaintity this would bring. This is a shock, but through the negotiation period, there's going to be big-ticket items negotiated over a period of time in Brussels where we'll see, no doubt, particularly the British market and pound, go up and down depending on what sort of deal may or may not be struck. France and Germany, particularly France, said that, if Britain left the EU, there'd be no special deals, no special treatment. They wanted to send a real message that leaving the club meant that there would be no extra add-ones for a country like the UK. Essentially, as much as anything else, to discourage further members of the 28-member EU bloc from leaving. So, yeah, there's going to be fairly -- it's going to be fairly, fairly messy. We'll leave it there. Thank you. Both the Prime Minister and Opposition Leader have responded to the news from the UK, urging Australians to stay calm in the face of plummeting share markets. National affairs correspondent Greg Jennett joins me now from Parliament House in Canberra. Greg, the call for calm is bipartisan, but both leaders are weaving the Brexit into their campaign pitch. Yes, it's half a world away, but there can be no doubt that these tectonic events happening in Europe, one way or another, are going to change the nature of the Australia.
campaign as it unfolds here in Australia. At least over the next few days - maybe not all the way to Election Day tomorrow week. But its impact will be profound in the short term, and then for Australia, potentially in the long term, depending how it's all managed within Europe and within the UK. Here today, we're seeing genuine bipartisan calls by both leaders - Malcolm Turnbull and Bill the
Shorten - I suppose trying to calm the financial markets in the first instance, saying there is no need for panic, there will be short-term volatility - that has been factored in. And then there's this subtle, or perhaps, if you look at it cynically, not so subtle, pivot across to their domestic campaign messages. In Malcolm Turnbull's case, you wouldn't have to be a genius to work out that the message fits in with stability, and not changing horses at times of upheaval. So we might hear from him, and then just after that, we'll talk you through the Bill Shorten tactic on all of this.So there is no cause for Australians to be alarmed by these developments. However, there will be a period of uncertainty and some instability in global markets. I have no doubt that European leaders will provide reassurance and leadership that will, in due course, settle many, if not all, of those uncertainties. In the meantime, I remind Australians that, given that we are living in a world of great opportunities, but also great challenges, and uncertainties, now more than ever, Australia needs a stable majority Coalition Government.Just as the Prime Minister can fit the events in Europe and the UK into his domestic campaign message, so does Bill Shorten. So he's come out after the announcement today - he'd flown to Cairns, and he's started to speak about the need for inclusive growth. I guess that's a message that says "You don't want people like those in the north of England, who felt disconnected from the benefits" - or certainly they didn't see the benefits, so they felt disconnected from any benefits of being part of the EU. He's trying to harness the national mood around inclusive growth, and doing investments in education and in populous
health that carries the general populous with it. We'll try and see how he combines these two elements into his campaign pitch.The fact of the matter is that, whilst this is a big matter and moment for England, and of course for the European Union, for Australia, our fundamentals are solid and not changed by this referendum down
whatsoever. Share markets go up and down all the time. That's not an argument to not change a government. The argument about changing the government goes down to the economic fundamentals and the economic plan. Mr Turnbull's got a plan to give away $50 billion out of our Budget bottom line in the next 10 years. Now, it shows that this is the worst possible to do that. Just leaving Bill Shorten there to take you live to London very briefly to some pictures outside of Number 10 Downing Street, where the British Prime Minister, David Cameron, is due to speak shortly. You can see the media pack there has grown in number over the last couple of hours. The highly anticipated comment regarding Britain's decision to leave the EU from the Prime Minister, David Cameron, seems imminent, and we will cross back very quickly as soon as he takes the microphones. Back to Greg. We heard Bill Shorten finishing off his media statement there. How likely is this Brexit issue to continue throughout the rest of the week that's left in campaigning for both leaders?I think those two themes you just saw through both leaders, Kathryn - Malcolm Turnbull and then Bill Shorten - are exactly the way that they'll try to meld these two issues together. At least in the short term, but possibly through next week as well. As we saw, with the floods and the east coast low earlier in the campaign, external events can come in and you just have to adapt to them in campaign mode. We see Malcolm Turnbull using the benefits of incumbency, I suppose, to make a no-change argument, and Bill Shorten, we heard his pitch as well, around inclusive growth, and that sort of thing. Apart from anything else, the Brexit decision just takes the oxygen out of domestic campaigning - limited broadcast time, limited front-page newspaper space will be occupied with these momentous events in Europe - very hard for political campaigners in Australia to compete against that. So they may just have to take a backward step, accept that they've been relegated from the front page. On that score, Kathryn, there is a sense in which that might suit the Government - they have not been lunging for headline news every day of this long 8-week campaign. They've been more than happy to dawdle along and do a microcampaign, if you like. In that sense, I suppose, if any benefit is to be derived, the Prime Minister might take it, whereas Bill Shorten would probably prefer the attention be kept on his daily messages.Mm. If it wasn't an election campaign, I probably would have asked this question first - what impact could it have on Australia's relationship with the UK and the EU?Well, I think that's where it gets really interesting - not in the election campaign at all, Kathryn, but for whomever wins on Saturday week and then...Breaking out of that there, David Cameron is now speaking live from London. ..In a giant, democratic exercise, perhaps the biggest in our history. Over 33 million people from England, Scotland, Wales, Northern Ireland and Gibraltar have all had their say. We should be proud of the fact that, in these islands, we trust the people with these big decisions. We not only have a parliamentary democracy, but on questions about the arrangements for how we're governed, there are times when it is right to ask the people themselves, and that is what we have done. The British people have voted to leave the European Union, and their will must be respected. I want to thank everyone who took part in the campaign on my side of the argument, including all those who put aside party differences to speak in what they believed was the national interest. And let me congratulate all those who took part in the Leave campaign, for the spirited and passionate case that they made. The will of the British people is an instruction that must be delivered. It was not a decision that was taken lightly, not least because so many things were said by so many different organisations about the significance of this decision. So there can be no doubt about the result. Across the world, people have been watching a choice that Britain has made. I would reassure those markets and investors that Britain's economy is fundamentally strong, and I would also reassure Brits living in European countries, and European citizens living here, that there will be no immediate changes in your circumstances. There will be no initial change in the way our people can travel, in the way our goods can move, or the way our services can be sold. We must now prepare for a negotiation with the European Union. This will need to involve the full engagement of the Scottish, Welsh, and Northern Ireland governments to ensure that the interests of all parts of our United Kingdom are protected and advanced. But above all, this will require strong, determined and committed leadership. I'm very proud and very honoured to have been Prime Minister of this country for six years. I believe we have made great steps, with more people in work than ever before in our history, with reforms to welfare and education, increasing people's life chances, building a bigger and stronger society, keeping our promises to the poorest people in the world, and enabling those who love each other to get married, whatever their sexuality. But above all, restoring Britain's economic strength. And I'm grateful to everyone who's helped to make that happen. I've also always believed that we have to confront big decisions, not duck them. That is why we delivered the first Coalition government in 70 years, to bring our economy back from the brink. It's why we delivered a fair, legal and decisive referendum in Scotland. And it's why I made the pledge to renegotiate Britain's position in the European Union, and to hold a referendum on our membership, and have carried those things out. I've fought this campaign in the only way I know how - which is to say directly and passionately what I think and feel, head, heart and soul. I held nothing back. I was absolutely clear about my belief that Britain is stronger, safer and better off inside the European Union. And I made clear the referendum was about this and this alone, not the future of any single politician, including myself. But the British people have made a very clear decision to take a different path, and as such, I think the country requires fresh leadership to take it in this direction. I will do everything I can as Prime Minister to steady the ship over the coming weeks and months, but I do not think it would be right for me to try to be the captain that steers our country to its next destination. This is not a decision I've taken lightly. But I do believe it's in the national interest to have a period of stability, and then the new leadership required. There is no need for a precise timetable today, but in my view we should aim to have a new prime minister in place by the start of the Conservative Party conference in October. Delivering stability will be important, and I will continue in post as Prime Minister with my Cabinet for the next three months. The
The Cabinet will meet on Monday. The Governor of the Bank of England is making a statement about the steps that the bank and the Treasury are taking to reassure financial markets. We will also continue taking forward the important legislation that we set before Parliament in the Queen's speech. And I've spoken to Her Majesty the Queen this morning, who advised -- and advised her of the steps that I am taking. A negotiation with the European Union Prime
will need to begin under a new Prime Minister, and I think it's right that this new Prime Minister takes the decision about when to trigger Article 50 and start the formal and legal process of leaving the EU. I will attend the European Council next week to explain the decision the British people have taken, and my own decision. The British people have made a choice. That not only needs to be respected, but those on the losing side of the argument - myself included - should help to make it work. Britain is a special country. We have so many great advantages. A parliamentary democracy where we resolve great issues about our future through peaceful debate. A great trading nation with our science and arts, our engineering world
and our creativity respected the world over. And while we are not perfect, I do believe we can be a model of a multiracial, multifaith democracy where people can come and make a contribution and rise to the very highest that their talent allows. Although leaving Europe was not the path I recommended, I am the first to praise our incredible strengths. I've said before that Britain can survive outside the European Union, and indeed that we could find a way. Now, the decision has been made to leave, we need to find the best way. And I will do everything I can to help. I love this country, and I feel honoured to have served it, and I will do everything I can in future to help you
this great country succeed. Thank you very much. Extraordinary scenes there from 10 Downing Street - the British Prime Minister, David Cameron, announcing that, come October, he will step down as Prime Minister. Right now, he believes that, based on this Brexit vote, that there needs to be a period of stability, and then new leadership. He said that he will do everything as the Prime Minister currently to steady the ship over the coming weeks and months, but it would not be right for him to be captain of this ship and steer his country to the next destination. He was quite emotional when he was giving his address there but, as he's clearly stated, they would be looking for new leadership in the British Government come October. Prior to that, he was also talking, ah, about the Brexit, ah, vote, and of
how he thanked people on both sides of the campaign for putting their party politics aside and working in the interest of the nation. He assured that markets and market pundits and investors from around the world that the British economy was very strong. He also assured people living in Britain and Britons living in the EU and other parts of Europe were still to continue their lives as normal - nothing would change as a result of this in the immediate future, nor would goods and services -- services be changed in the way that they operate with businesses in the immediate future. But he knows that there needs to be a way forward, and that way forward, in the very short term, is with him, but in the medium to long term is with a new leader to create a Britain that is best for all. Joining me now from Canberra to discuss these ramifications of a Leave vote for Australia is Dr Anne-Marie Elijah from the ANU Centre for Studies. Firstly, your feelings about what David Cameron just said - he will be stepping down come October?Good afternoon. Great to be with you. Yes, certainly a momentous day and a series of big announcements for us to take in. I think this afternoon's referendum result has been quite a shock, and now we have further political news to digest. Do you think it's the right thing, that David Cameron has taken this decision to find new leadership to lead Britain out of the EU?It may well be. I mean, the first thing to cope with in the aftermath of the vote for a Brexit is the obvious uncertainty that this brings about for Britain itself, and of course for all of the other countries who are so closely watching this set of events unfold. In a sense, the decision to stay on for a short period of time and then to seek new leadership to manage the events going forward makes good sense.You are an expert on how this will affect Australia. We've heard from both Bill Shorten, Malcolm Turnbull, Julie Bishop - is it going to be business as usual for Australia?In the first instance, yes it will be, because the ramifications for Australia are going to take some time to work out. We know that the probability is that this will be at least two years, and it may take longer.And so, Australia's line since pretty much the 1950s has been that Britain's role in the EU is a matter for Britain. However, those views have somewhat changed?They certainly have. In the first instance, when the UK joined the European community over a protracted period in the 1960s and early 1970s, there were negative implications for Australia and Australian governments made that known. At this stage, those same issues don't prevail in relations between Australia and the EU, or Australia and the UK, so it was very much the case that the Government does believe this is a matter for the British people. Having said that, there will be implications for Australia for the relationship with the United Kingdom, which will have to extract itself from the EU 28, and also for Union,
relations with the broader European Union, which are still, in some ways, impacted by our traditional relationship with the Kingdom.So in more detail, what are those implications?Well, for example, if we consider the trade implications - we know that the UK will have to extract itself from a single market, and that Australia will have to separately establish trading relations again with the United Kingdom. In addition, Australia and the EU have recently begun talks on prospects for a free trade agreement, and these will now be impacted by the Brexit.What sort of time frame are we talking? Because we did just hear from David Cameron saying that, in the short term, it is business as usual there. What sort of time frame do you see our relationship with Europe and Britain and the EU changing, with respect to these trade arrangements?It is going to be some years - I imagine that the