Brexit 'momentous and historic' but no cause to be alarmed: Turnbull

Prime Minister Malcolm Turnbull says Britain's exit from the European Union is a "momentous and historic decision".

Mr Turnbull said he recognised there would be concerns about uncertainty and instability as currencies fall and within 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," Mr Turnbull told reporters in Devonport on Friday afternoon.

Mr Turnbull said he had no doubt the British government would negotiate a satisfactory departure from the European Union.

"This could take several years, and in the meantime, 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," he said.

Mr Turnbull said he was also confident talks with the EU on a free trade deal would continue.

"There is no cause for Australians to be alarmed by these developments," he said.

However, he said the economic recovery was "fragile" in some parts of the world.