The referendum vote is expected to lead to a high degree of uncertainty and disruption as businesses come to terms with the new normal of a post-Brexit environment, it said.

“Businesses, governments, and regulatory bodies will need to take measures to adjust to the legal, financial, regulatory and technical ramifications of the referendum, “ K&L Gates said.

Shareprices in BHP Billiton and Rio Tinto plunged on the Australian Securities Exchange by more than 6% on Friday when news of the referendum result trickled through during the afternoon. Shares in Whitehaven Coal and Yancoal Australia also declined.

K&L Gates managing partner Australia Nick Nichola said: “Businesses need certainty and the Brexit result has ripped that away from Australian businesses with operations in the United Kingdom and Europe.

“Last year, the Australian Prime Minister along with Donald Tusk, the President of the European Commission, announced plans to work towards an Australia-European Union Free Trade Agreement. As the United Kingdom is Australia's largest trading partner in the EU, the Australian government should act with haste to secure a trading agreement with United Kingdom and work to provide a more stable environment for business.”

K&L Gates regional managing partner Martin Lane said: “The referendum vote has profound consequences not just for the UK and Europe but will create shockwaves across the globe.”