Analysts are downgrading expectations for the Australian and global economies as the coronavirus spreads across the world. Some predict a broad downturn is almost inevitable.
The S&P/ASX200 on Thursday shed another $15 billion,taking its cumulative loss this week to $145 billion. Australia's 10-year bond yield,the interest paid on government debt,fell to a record low of 0.845 per cent.
Mr Morrison said the government was preparing to help the areas of the economy most at risk from the breakdown of supply chains and the absence of tourists and university students.
"It's a health crisis,not a financial crisis. But it's a health crisis with very real economic impacts and the government is extremely mindful of that and we want to be able to get our responses right,"he said.
Some areas,such as Far North Queensland,and industries,such as the West Australian rock lobster sector,are most at risk of major job shedding if the coronavirus continues to spread.
Deloitte Access Economics,which looked at the virus'impact on the tourism,education and resources sectors,believes it will reduce Australia's national income by between $5.5 billion and $5.9 billion through the first half of 2020.