In a result that has sent shockwaves worldwide, the BBC has forecast a Brexit to win 52% to 48%.
The referendum has been watched globally with many predicting that the decision to leave would have a huge impact on the financial markets. The UK Treasury, the International Monetary Fund and others all warned that a vote to leave would damage the UK economy as well as threaten global markets.
In Australia, the Aussie dollar and share market are plummeting as media outlets call on the result of the UK referendum.
According to a report by the ABC, investors fled in droves after the BBC forecast the UK will leave the EU. The ASX 200 has extended losses to drop 3.5 per cent. The All Ords has slumped 3.3 per cent to 5,184.
Every sector on the local market was in the red with the exception of gold companies, gold miners Newcrest Mining and Regis Resources gained 3.7 per cent and 4.6 per cent respectively.
The market started to sell-off when the Leave campaign overtook Remain, indicating high volatility as investors face uncertainty.
In the UK, the pound has hit its lowest level since 1985 tumbling more than 10%, the BBC has reported, in its biggest ever one-day fall as the strength of the leave vote emerged.
UBS traders are predicting the FTSE 100 share index will open between 12% and 19% lower.
However, Edwin Poots, a Northern Ireland Assembly member of the DUP, has said a vote to Leave is “an opportunity to have a more democratic system of government”, according to the BBC.
“There will be some short-term pain to take in terms of the economy,” he said. “I believe that we will recover very quickly after the initial shock.”