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Australian industries at risk of going under due to coronavirus

Financial regulators and the federal government are coordinating an emergency economic response to coronavirus.

The virus has rattled global financial markets and seen trade in and out of China grind to a halt.

There are fears parts of Australia’s seafood industry could struggle to recover with abalone fisheries relying on China for up to 90 per cent of their sales

Tasmanian Abalone Council Chief Executive Dean Lisson tells Alan Jones, they’re in unprecedented territory.

“Even when we had SARS in 2003, we had a fall in demand and a fall in price, but the importers in China were still buying our product.

“This time, however, what has been very different is they’ve simply drawn the shutter closed.”

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Image: Abalone Council Australia