Prime Minister Anthony Albanese has expressed concern the political turmoil in the UK could delay a long-awaited free trade agreement between Australia and Britain.

Following the resignation of UK Prime Minister Liz Truss after just 45 days in office, the shortest tenure in British history, Mr Albanese said it would be a difficult time for the outgoing leader.

With the UK set to get its third prime minister this year alone, Mr Albanese said he would continue to strengthen Australia’s relationship with Britain.

“I’m concerned about any delay that would occur to the Australia-UK free trade agreement,” he told reporters in Perth on Friday.

“I had discussed with Prime Minister Truss the fast tracking of that. We discussed trying to get it concluded before the end of this year, to make sure that the appropriate parliamentary processes went through our respective parliament.”

The deal was set to be one of the first new trade deals signed by the British government in the wake of the UK leaving the European Union.

But following political chaos in Westminster, Mr Albanese has sought to emphasise stability in his federal government.

“My government is stable, is orderly. The adults are in charge,” he said.

“I’ve been in office for five months. I’ve met the two British prime ministers, so far, and I obviously will have contact with a third at some time when those issues are concluded.”

Ms Truss will remain as interim prime minister until the Conservative Party elect a new leader, which is expected to be finalised by the end of next week.

Treasurer Jim Chalmers has called for stability in British politics after several tumultuous months,.

“It’s in everybody’s interests, not least of which the UK, is that there is a semblance of order and stability in the UK,” he told reporters in Canberra on Friday.

“It’s a sign of the times, frankly, in the UK, that I’ve only been the treasurer here for the five months and I’ve already had four UK counterparts.”

Ms Truss’s resignation as prime minister followed economic market turmoil after releasing a mini budget which implemented unfunded tax cuts, causing the pound to plummet.

Dr Chalmers said there were lessons from the UK ahead of the federal budget being released on Tuesday.

“I don’t think it’s any secret when you get your monetary policy and your fiscal policy so substantially out of whack that the market judges you for it,” he said.

“The lesson for us is we do what’s right and responsible, solid, sensible, suited to the times because the stakes are relatively high at a time when the global economy is a pretty uncertain place.”

Opposition Leader Peter Dutton said the resignation of Ms Truss after little more than 40 days as prime minister was sad for her personally.

“She is a good person, made a mistake and paid a huge price,” he told Nine’s Today show.

“We need stability in the UK, we need our partners to be strong, in Europe, we need strong leadership.”

Deputy Opposition Leader Sussan Ley said the sudden resignation emphasised the tough business of politics.

“She is a woman who stepped up in politics to make a party and country a better place,” she said.

“She stepped down today and it is a tough time for the UK. They have lost the Queen. You always need a good government and a good opposition to have good overall outcomes.”

– AAP