Scott Morrison has described the coronavirus outbreak as a global health crisis, warning the economic impacts will stretch far beyond Australia's tourism and education sectors.
As the nation grapples with the economic fallout, the prime minister confirmed 15 people who returned to Australia had been cleared of the virus, while seven others from the Diamond Princess cruise ship have mild symptoms.
The self-isolation procedures for 30,000 Australians and their families returning from China had worked.
Mr Morrison described the virus as an "unknown global shock".
"This is not like a global financial crisis. This is a global health crisis," he told reporters in Canberra on Tuesday.
Even without travel bans, there would have been a significant reduction in the international movement of people.
"When planes aren't coming in, planes aren't going out and the bellies of those planes aren't taking Australian products into those markets," Mr Morrison said.
Treasurer Josh Frydenberg said his department had not yet finalised its advice on the economic impacts.
"The message is very clear, the impact will be more significant than the bushfires, and it plays out more broadly across the Australian economy," he said.
The prime minister said speculation about the impact on the budget bottom line was unhelpful.
"Hands up those who thought there was going to be a coronavirus epidemic when the budget was released last May? Of course no-one did," Mr Morrison said.
Labor's shadow treasurer Jim Chalmers warned the government against using the virus and the impact of the devastating bushfires as cover for not transforming the economy.
"Scott Morrison desperately wants Australians to forget that the economy was already floundering badly on his watch before most of us had even heard of coronavirus and before the fires hit," Mr Chalmers told reporters.
Australia has imposed a strict travel ban on visitors arriving from China.
The prime minister appears reluctant to extend the ban to other countries where the virus has taken hold.
"We have no advice from the medical experts to suggest that that should be done at this point," Mr Morrison said.
But chief medical officer Brendan Murphy said significant outbreaks of the virus outside of China were a concern.
In particular, the rate of deaths in Iran indicated the number of cases there was probably higher than reported, he said.
To date, there have been 79,331 confirmed cases of the virus worldwide and 2,618 deaths.
A potential vaccine created by Australian researchers is being tested.
The government has also opened up applications for $2 million in research grants for the development of a vaccine.
