COVID-19 to have big impact on Australian economy: PM

Following sluggish world economic growth last year, the Australian economy could be hit harder in 2020 due to COVID-19, Australian Prime Minister Scott Morrison warned Tuesday morning.

"Whatever you thought 2020 was going to be about, think again," Morrison said during his keynote speech at the Australian Financial Review Business Summit.

Morrison, together with Australian Treasurer Josh Frydenberg, has repeatedly promised to deliver Australia's first budget surplus in 2020 after the global economic slowdown last year.

According to a United Nations report in January, the global economy suffered its lowest growth in a decade, slipping to 2.3 percent in 2019, due to prolonged trade disputes.

However, in the wake of the bushfire crisis and the outbreak of COVID-19 in the country, Morrison said Tuesday that the surplus was dead.

"We now have one goal, together, this year -- to protect the health, the wellbeing and livelihoods of Australians through this global crisis, and to ensure that when the recovery comes, and it will, we are well positioned to bounce back strongly on the other side. All Australians have a role to play in Australia successfully moving through this crisis," he said.

Morrison said business leaders attending the summit would have a "huge" role to play in protecting and supporting workers, while urging them to "go back to the office today and pay your supplier invoices."

"That is what sticking together looks like," he said.

"How you support your customers, your suppliers, your employees during the next six months and potentially beyond, will say more about your company, your corporate values and the integrity of your brand, than anything else you've likely done as an organization," he said.

"We also need your investment, looking ahead to the opportunities that are on the other side. Take the opportunity to invest in the skills of your workforce or in the capital projects that will provide the pathway for a new season of growth that will be there," he said.

"While we all know we're not immune, so far, as a nation, we have been able to get ahead of this. But to stay ahead, we must work together and continue to take decisive and timely action," he added.

As of 11 a.m. local time (0100 GMT) Tuesday, the country has confirmed 100 cases of COVID-19 with three deaths.

The government issued a formal warning urging Australians to reconsider overseas cruise ship travels. It is also expected to announce a coronavirus stimulus package worth up to 10 billion Australian dollars (6.6 billion U.S. dollars) within days.

On Tuesday, Attorney-General and Minister for Industrial Relations Christian Porter hosted a roundtable of unions and employee groups to address their concerns about casual workers without paid sick leave.

On Wednesday, Industry Minister Karen Andrews will hold a similar meeting to discuss the impact of COVID-19 on supply chains.