AAP

The Australian share market has dived to an almost eight-year low as borders close and businesses shut in efforts to slow the spread of the coronavirus.

Virgin Australia is likely to cut more domestic flights and regional airline Rex will only operate passenger services in Queensland as a virus-spooked nation bunkers down amid new travel and tradin

Talks are under way to convert the Western Australian holiday hotspot Rottnest Island into a COVID-19 quarantine zone as the state's border closure approaches and the number of confirmed cases continue to rise.

Pubs, cinemas and churches will be forced to close across Australia from noon on Monday to stem the spread of the coronavirus.

Australian stocks have plunged more than 7.5 per cent as borders close and businesses shut in efforts to halt the spread of the coronavirus pandemic.

Wall Street has wrapped up its worst week since October 2008, with the Dow and S&P 500 sliding more than 4 per cent on Friday.

US crude tumbled 10.7 per cent on Friday and posted its biggest weekly decline since the 1991 Gulf War as the coronavirus epidemic dried up global demand and as officials in Washington said an envoy would head to Saudi Arabia to deal with fallout of a Saudi-Russia oil price war.

Gold rebounded on Friday, rising as much as 3.1 per cent, as a wave of fiscal and monetary stimulus by global central banks to counter the economic impact from coronavirus spread halted investors lure for cash.

The Australian share market has finished its worst week since October 2008 with a modest daily gain.

The federal government will pour an extra $444.6 million into aged care facilities, including money to help them hold onto staff amid the coronavirus crisis.

Small businesses impacted by the coronavirus crisis will be able to defer their loan repayments for six months under a plan put forward by the banking industry.

Telstra has frozen its job cutting program for six months, suspended late payment fees and disconnections, and has invited stood-down Qantas employees to apply for 1,000 temporary jobs to help virus-proof the economy.

Big banks have led an almost three per cent surge in Australian shares after an overnight buying spree on US and European markets .

Gold prices slipped more than 1 per cent on Thursday as the dollar jumped to multi-year highs, with the coronavirus pandemic threatening to cripple economic activity and prompting investors to sell assets to keep their money in cash.

The Australian stock market has shrugged off an emergency rate cut from the Reserve Bank, hitting a fresh four-year low in the process, while the Australian dollar has sunk to an 18-year low.

A dedicated call centre has been established for Western Australian public healthcare workers to manage coronavirus screening and testing.

Qantas is suspending all international flights, will delay its $201 million interim payout, and is standing down two-thirds of its 30,000-member workforce until the end of May in the face of the escalating COVID-19 pandemic.

Nine Entertainment, BlueScope Steel and more companies have joined the flood of listed firms cancelling their earnings forecasts as coronavirus chaos spreads.

Investors in a buying mood have pushed the stock market up as they jump on banks stocks ahead of an expected Reserve Bank stimulus move.

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.