AAP

The Australian Grand Prix has been cancelled as the prime minister faces calls to cancel mass gatherings to slow the spread of the coronavirus.

Virgin Australia has cut more flights, reduced executives' fees, and will seek relief from government charges as it joins rivals in attempting to soften the impact of the COVID-19 spread.

Australia's share market has tanked another four per cent amid panic selling after the worst day ever for European equity markets and the most calamitous for Wall Street since 1987.

Wall Street has tanked, slamming the book on the longest-ever US bull market after new travel restrictions to curb the coronavirus spread spooked investors and rattled world markets.

Brent crude slid 7 per cent overnight after President Donald Trump restricted travel to the United States from Europe as part of measures to try to halt the spread of coronavirus pandemic.

Palladium prices have plunged as much as 28 per cent as panic selling driven by intensifying fears over the coronavirus pandemic seeped into precious metals, with gold slumping more than four per cent as investors rushed to cover margin calls in other assets.

The Australian share market has suffered yet another day of carnage, plunging again after US President Donald Trump suspended travel from Europe for a month to limit the coronavirus pandemic.

The West Australian Police Union has rejected a fifth and final wage offer from the state government, which means the dispute may go to the Industrial Relations Commission.

Oil prices fell 4 per cent overnight with renewed weakness in the stock market after the World Health Organisation said the global coronavirus outbreak is now a pandemic, and as major oil producers announced plans to escalate the burgeoning price war.

Gold prices fell on Wednesday as traders sold the precious metal to cover margins for stock markets spooked by the global spread of coronavirus.

There's no bottom in sight for the Australian share market, which has shed all of Tuesday's gains to close at its lowest level in 14 months.

Home loans in Western Australia have reduced in value by 6.4 per cent in January, while the national figure increased by its fastest rate since mid-2019.

Australia's largest listed goldminer says it expects to produce around 10 per cent less gold than previously forecast due to underperformance of its mines in Western Australia and Papua New Guinea.

The federal government will announce a stimulus package of up to $20 billion tomorrow to fight the impact of the Covid-19 virus, it has been reported this afternoon, while $2.4 billion of new health funding was announced today.

Investors have switched to sell mode again as they wait for details on stimulus, sending Australia's volatile share market lower despite a rally on Wall Street overnight.

Oil prices jumped more than eight per cent overnight, bouncing from the biggest rout in nearly 30 years as the possibility of economic stimulus encouraged buying and US producers slashed spending in a move that could cut output.

Gold slid over 1.5 per cent on Tuesday, backing off the $US1,700 ceiling hit in the previous session, as expectations of global policy measures to alleviate the economic impact from the coronavirus eased some investors' concerns and lifted share markets.

Australia's turbulent stockmarket has rebounded, finishing more than three per cent higher in a dramatic recovery from early panic selling.

Prime Minister Scott Morrison told business leaders today that its stimulus package to address the impact of coronavirus would be proportionate, targeted, scalable and temporary.

Qantas has slashed the capacity of its international flights by almost a quarter for the next six months due to the coronavirus impact. The airline also announced cost saving measures, including cuts in salaries for its top executives.

Crude prices suffered their biggest daily rout since the 1991 Gulf War overnight as top producers Saudi Arabia and Russia began a price war that threatens to overwhelm global oil markets with supply.

Gold retreated from the $US1,700 level touched briefly earlier on Monday, as investors sold the bullion to cover margin calls amid plummeting equity and energy markets, overshadowing the metal's safe-haven demand.

The Australian stock market has suffered its worst single day loss in nearly a dozen years, as a brewing price war over oil added to the global tumult.

As if there wasn't enough global uncertainty already, a likely price war has broken out over the price of oil.

Brent slid to its biggest daily loss in more than 11 years on Friday after Russia baulked at OPEC's proposed steep production cuts to stabilise prices hit by economic fallout from the coronavirus, and OPEC responded by removing limits on its own production.

Gold prices fluctuated more than one per cent on Friday, sliding from a seven-year high as investors sold the precious metal to cover margin calls as the rapid spread of the coronavirus hammered equity markets.

Retail spending stayed weak in January as bushfires devastated many parts of Australia, but the coronavirus outbreak is likely to make a bigger impact.

The Morrison government has reached an agreement with the states and territories to bear the health costs of tackling the coronavirus on a 50/50 basis, which could end up costing $1 billion.

Concerns over the safety of frontline health workers responding to the COVID-19 outbreak have prompted union calls for dedicated clinics to be introduced in Western Australia.

Australian investors have swung into sell mode once more after US markets sank following a rise in the number of coronavirus cases.

Oil prices edged lower overnight as the coronavirus epidemic showed no signs of slowing, with deaths mounting globally, but losses were limited as major producers agreed on deeper output cuts to bolster prices.

Gold prices climbed two per cent to a more than one-week high overnight as worries over the global spread of the coronavirus spurred more safe-haven flows and hopes of further monetary policy easing by major central banks.