The share market has plunged more than 8 per cent in early trade after the Federal Government ordered non-essential businesses to shut down.
The Australian share market has lost more than one-third of its value since its record high last month.
In the first half hour of trade, the ASX 200 index fell 8.4 per cent as investors took flight as parts of Australia’s economy shut down and some states closed their borders.
Just before 11am AEDT, it came off its lows, down 315 points to 4501, or 6.5 per cent.
All sectors are in the red led by industrial firms and banks.
The Australian dollar is down 1 per cent to 57.4 US cents.
Buy now, pay later firm Afterpay has slumped by one-third to $8.55.
More to come.
-ABC
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