Wall Street in 8 percent coronavirus plunge as oil price collapses; former Labor Treasurer Wayne Swan calls for decisive action on emergency stimulus

Global sharemarkets are in the midst of the deepest shock since the financial crisis a decade ago as the coronavirus and an oil price crash strike fear and panic into investors. 

Wall Street has plunged a massive eight percent following similar heavy selling across Europe. 

Prime Minister is outlining his emergency stimulus plan to protect businesses and to keep consumers spending. 

Former Labor Treasurer Wayne Swan tells ABC's Peter Ryan the current government needs to "act decisively".