AAP

Oil prices plunged overnight, with US crude futures hitting an 18-year low, as governments worldwide accelerated lockdowns to counter the coronavirus pandemic that is causing global fuel demand to collapse.

Investors have dumped gold in favour of cash after US stimulus measures failed to calm investors who are nervous about the impact of the coronavirus pandemic.

A growing number of hospitality venues are either closing or revising their operations, after the Prime Minister announced the ban of all non-essential gatherings of 100 plus people. The ban is effective immediately and will impact religious services.

Australia's rollercoaster share market has plunged again on a raft of profit warnings, an unprecedented travel ban and cancelled flights.

Australia has upgraded its international travel advice to the highest level, with all citizens being told not to travel overseas because of coronavirus. It comes as Virgin Australia suspended all international travel for more than two months.

Australia's rollercoaster share market has plunged more than four per cent amid a raft of profit warnings, an unprecedented travel ban and cancelled flights.

Gold prices have jumped as a five-session decline in the bullion market led bargain hunters out in force, with Federal Reserve's announcement to boost lending soothing market fears over a crunch in liquidity.

UPDATED: Two John XXIII high-school students have returned negative coronavirus tests, while a third student in Year 12 is awaiting results, the school announced. It comes after one of the children's parents tested positive to COVID-19 on Tuesday.

The Australian share market has surged as investors snapped up blue-chip banks, supermarket, healthcare and mining stocks at bargain prices.

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.

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.

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.

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.