A report on the impact of Great Britain's proposed exit from the European Union has found the impact on Australia would be "very limited" in the short term.

Key points: Treasurer says Australia's "exposures are limited"

Treasurer says Australia's "exposures are limited" Says there is "no required action" for Australian Government in short term

Says there is "no required action" for Australian Government in short term Report says long-term impact will hinge on success of negotiations between UK, Europe

Treasurer Scott Morrison released an incoming brief prepared by the Council of Financial Regulators, commissioned before the federal election in response to the poll.

"Our exposures are limited," Mr Morrison told reporters in Sydney.

"Australia has proved resilient and remains well placed to manage the economic and financial market's response to Brexit.

"Despite initial volatility and some surprise by markets, markets have substantially either re-gathered or stabilised."

Mr Morrison said there was "no required action" on behalf of the Australian Government for an additional response to the Brexit vote in the short term.

The report highlighted the medium to long-term implications for Australia would depend on the UK's negotiations with the EU, especially if the transition was not orderly.

"This poses some downside risk to the domestic outlook, with negative wealth and confidence effects having the potential to affect household consumption and business investment," it read.

The report said Australia's trade exposure to the affected markets was also limited — it is more oriented towards Asia than Europe — with Australian banks deemed to be "well-placed" to handle disruptions.

The Treasurer said the settings of Australia's financial systems, as well as the Government's policies, had helped absorb the "somewhat significant" political and economic event.

Mr Morrison is set to head to China for a G20 Finance meeting, where the impact of Brexit will be a key topic of discussion.

He is expected to meet his new British counterpart, the Chancellor of the Exchequer, Philip Hammond.

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