They say despite the hit to global markets and corporate and consumer confidence from Brexit, the direct impact from the history-making event on the real Australian economy will not be dramatic at first.

Market bets on a July cut to the cash rate, to 1.5 per cent, have surged since last week's historic referendum. However, most economists are sticking to earlier forecasts of a reduction in August, after the central bank has had a chance to see second-quarter inflation data.

A surprise below-target consumer price index in the first quarter forced the RBA's hand in May.

"What has been interesting," said Commonwealth Bank's chief economist Michael Blythe,"is that the RBA has barely mentioned Brexit in any of their recent commentary.

"So, presumably, this has been as much of a shock to them as to everybody else, and no doubt they'll be revising down their global growth forecasts.

"But that's probably not enough for them to rush into a rate cut next week," he said.

Most economists trying to gauge the impact on Australia and the world of what is quickly evolving into a political crisis not just for the UK, but across EU member states, agree there's no need for knee-jerk action from the RBA.

However, they do expect the Bank of England to act soon to head off the blow to investor, corporate and consumer sentiment from Brexit.

"The UK economy will slow sharply," said JPMorgan Asset Management's chief market strategist for the UK Stephanie Flanders.

"Our best estimate is that growth will slow from an annualised pace of 1.6 per cent to around 0.6 per cent in the second half of 2016, with a similar growth rate achieved in 2017," she said.

Both the Bank of England and the European Central Bank will ease monetary policy in response, she said, and this could spread around the world as already-weak global growth sputters.

Even the US, which in December started to lift interest rates for the first time in a decade, is looking more likely to revert to easing to head off recession, according to current market pricing.

August rate cut more likely

BT Investment Management's head of income and fixed interest Vimal Gor agrees the Brexit fallout will translate into even slower global growth and weaker inflation.

"Any uncertainty means you get delayed investment, and you get slowing growth," he said.

"In a world that was already experiencing a growth slowdown, and a fall in net trade, this is just another shock which we didn't need.

"Another thing it does do is it unlocks several central bank cuts, first in the UK, Europe and Japan and then later in the US.

"For the RBA, I think July is a chance but August is more likely," he said.

Current market pricing reflects this, with interest rate swaps on Monday showing an 80 per cent probability of an August cut, compared with 44 per cent before Britons voted to end their 43-year membership of the political and economic bloc. The same pricing pushed the chances of a July cut from 12 per cent to 32 per cent.

Hits to commodity prices as global demand flags and investor flight to quality drives up the US dollar cannot be discounted, says CBA's Michael Blythe, and this will also hurt Australian incomes.

Of less importance is the direct blow to Australia's trade with the UK and Britain.

With total two-way trade worth nearly $A21 billion, Britain ranks seventh in terms of importance to Australia, but it sits well behind China, Japan and the United States, the top three.

Total two-way trade with China, for example, is worth $152.5 billion, according to the Department of Foreign Affairs and Trade.

Any direct commercial hit to Australia's real economy will come through a drop in goods and services exports to Britain because of a weaker pound and recession. A weaker Continental Europe and euro will also weigh on trade.

The most important component of these commercial exchanges is inbound tourism, mainly from Britain but also from across Continental Europe. Other services exports such as tertiary education and financial services will also take a hit, according to research by CBA.

"About 40 per cent of services trade [with Europe, including the UK] is  associated with tourism," said CBA's Michael Blythe.

"So the tourism sector, one of the stronger components of the Australian economy, looks most exposed."