AAP

Mark McGowan is resisting calls to close interstate borders as he confirmed three more coronavirus cases.

Qantas will slash international flights by 90 per cent until the end of May in a fresh round of coronavirus-related cuts equivalent to grounding 150 aircraft.

Australia's wild and unpredictable stock market has leapt more than one per cent as investors scrambled to snap up bank, supermarket and big mining stocks.

Oil prices fell below $US30 a barrel overnight as the worldwide coronavirus outbreak worsened over the weekend, exacerbating fears that government lockdowns to contain the spread of the disease would spark a global recession.

Platinum plunged nearly 27 per cent overnight to its weakest level since 2002, while gold dived over five per cent as investors unloaded precious metals in exchange for cash after a second emergency US rate cut failed to quell coronavirus fears across markets.

Australia's share market has suffered its worst points loss in history as the coronavirus epidemic worsens, with another $182 billion in value wiped from the books.

The Reserve Bank of Australia has pumped extra liquidity into the banking system, part of a package of measures aimed at ensuring business and households have access to credit as the coronavirus causes chaos in global financial markets.

Western Australian schools will introduce new precautionary measures, including cancelling assemblies and staggering recess and lunch breaks, to slow the spread of the coronavirus.

Infrastructure group Downer EDI's possible sale of its mining business to Perenti Global has been suspended due to the market volatility caused by the coronavirus pandemic.

Australia's volatile share market has plunged more than six per cent after sentiment for equities suddenly soured despite rate cuts from the Federal Reserve and other central banks.

Oil prices on Friday posted their biggest week of losses since the 2008 global financial crisis, rocked by the coronavirus outbreak and efforts by top exporter Saudi Arabia and its allies to flood the market with record levels of supply.

Gold tumbled as much as 4.5 per cent on Friday as investors embarked on a selling spree to hoard cash and meet margin calls across other markets which have been battered by the impact of the coronavirus outbreak.

The Australian share market has staged a dramatic recovery from its morning losses of as much as 8.1 per cent to finish 4.4 per cent higher.

Qantas is paying back $7.1 million to 640 marketing and administrative staff it underpaid for up to eight years, with some receiving a windfall of tens of thousands of dollars.

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.