Prime Minister Malcolm Turnbull has announced Australia will team up with New Zealand in a bid to negotiate new trade and immigration deals in the wake of the Brexit vote in the UK.

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He has also ordered an urgent review from Treasury officials and diplomats over the implications of Britain's exit from the European Union.

Mr Turnbull told reporters in Adelaide on Monday he had been in contact with his New Zealand counterpart John Key, warning the implications of Friday's historic vote were "considerable".

"We have many, many common interests in terms of dealing with that, both from a trade point of view, from a movement of persons point of view," he said.

"There are some big issues in terms of the access of Australians and New Zealanders to Europe and indeed to the United Kingdom."

Mr Turnbull said he wanted to establish a "collaborative, cooperative framework" with New Zealand if he was returned as prime minister.

He warned there were "opportunities and challenges" arising from the United Kingdom's decision and he had ordered a "comprehensive report" on its likely consequences.

"We are keeping a very, very close eye on it," Mr Turnbull said.

He said he had ordered the Reserve Bank, as well as the financial regulators ASIC and APRA, to provide a report early next week to whoever wins Saturday's federal election.

Mr Turnbull said while there was a "measure of stability" returning to financial markets, there remained "considerable political uncertainty".

Treasurer Scott Morrison urged for "cool heads" to prevail.

He told Radio 2GB the Government had been keeping a close eye on the situation.

"I spoke to all the bank chief executives on the weekend as well as [RBA Governor] Glenn Stevens and the head of Treasury, the head of APRA, and just constantly getting updates on what's happening," he said.

"It's very important that people keep cool heads."

Brexit could prompt power shift in Europe

Monash University European politics expert Ben Wellings agreed the ramifications of Brexit were major.

Dr Wellings said Europe could see something similar to the collapse of the communist movement "but where the West loses".

"I think the place to watch most closely next is France," he told The World Today.

"It has a presidential election in 2017. Now Marine Le Pen, the leader of the far right Front National, is already calling for a referendum.

"Referendums were already unpopular amongst European leaders before the Greek referendum — and especially before Brexit — but now, no-one's going to want to give one, which means a hit of steam will build up in France until May 2017, and if Marine Le Pen can effectively turn the presidential election into a referendum on EU membership, that'll be the central focus of the campaign.

"I think she might win, and then we would be looking — this is the worst case scenario — we'll be looking at a nuclear-armed major European power with a far-right leader who is very friendly towards [Russian President Vladimir] Putin."

Dr Wellings said Brexit would also have a significant impact on of Australian trade, with neither the EU nor the UK as attractive without the other.

"Whichever government's going to come in, [Brexit] puts them on the horns of a dilemma … because the EU is a very significant trading partner for Australia," he said.

"When you break that down, a lot of that trade goes via the UK for historical, and personal and linguistic reasons that we can all imagine.

"So in a way, there's probably a Hobson's choice here. Where should Australia's trading relationships and diplomatic efforts be addressed — at a UK outside the EU or of the remainder, let's call it the rump-EU?"