Uneasy calm in Australia as PM outlines emergency stimulus plans; Qantas cuts more capacity, puts staff on paid leave

An eerie but cautious calm has descended over the Australian sharemarket after the worst global selloff since the depth of the global financial crisis. 

But Australian stocks have so far avoided the steep plunge on Wall Street earlier today but the dual forces of the coronavirus and an oil price shock has investors bracing for more wild swings amid fears of a global recession. 

With nerves taking grip in Australia, the Prime Minister Scott Morrison has urged businesses to do what it takes to keep staff on as Qantas puts workers on paid leave to stave off redundancies.

ABC's Peter Ryan with the latest