Australian markets brace for more Greek uncertainty

Financial markets in Australia will be among the first to trade on Monday in the wake of Greece failing to secure a bailout package to prevent going into debt default.

Treasurer Joe Hockey was quick to soothe any local concerns, telling AAP on Sunday prior to flying to China that Australia is well placed to withstand any fallout from a Greek exit from the euro.

He is monitoring the situation and will take the opportunity to discuss the issue with other finance ministers on the sidelines of a ceremony in Beijing to sign up to the Asian Infrastructure Investment Bank on Monday.

On Saturday night the Greek parliament approved a referendum next Sunday on the latest offer by its European Union and International Monetary Fund creditors.

Greek Prime Minister Alexis Tsipras is confident his people will say an emphatic "no" to the ultimatum by the country's creditors, but "a big yes" to European solidarity.

Commonwealth Securities chief economist Craig James said the ongoing uncertainty would cause Australian investors to "tread warily".