SYDNEY (Reuters) - Australia Prime Minister Malcolm Turnbull said on Friday he expects a period of uncertainty and some instability in global markets as Britain was on the verge of Brexit but the immediate impact on Australia will be limited.

"The impact on Australia immediately, directly, from a legal point of view, will be very limited because it will take some years for the United Kingdom to leave the European Union, to negotiate an exit," he told reporters.

"However, we've seen already large falls on stock markets and there will be a degree of uncertainty for some time."

(Reporting by Swati Pandey; Editing by Kim Coghill)