The Government's promise of a slim surplus is unlikely to be fulfilled due to the economic impact of the coronavirus, particularly now that China is a large part of the global economy, says Dr Henry.

Australia’s economy is unusually dependent on China, and a coronavirus-driven slowdown could mean billions in lost revenue

With Democrats in control of the House, a big fiscal stimulus is off the table.

The most influential mills’ group in the world’s largest steelmaker has sounded the alarm about the outlook as the coronavirus crisis rips through China’s economy, warning of transport snarls, weaker demand, and a situation this quarter that “does not look optimistic.”

The coronavirus outbreak has claimed more than 560 lives, brought entire industries to their knees, and pushed Australia to the brink of recession.

Hyundai, Levi Strauss, and Apple are already feeling the impact of the coronavirus.