Australia's growth outlook dims as China's momentum falters amid coronavirus outbreak

First detected in the Chinese city of Wuhan, the pneumonia-like virus has infected more than 81,000 people globally and killed over 2,700. Most of the cases have occurred in China, where quarantine measures grounded factory activities to a halt for an extended period of time. Economists have said that would affect growth in the first quarter and may extend to the second quarter.

China is Australia's biggest trading partner and is part of the supply chain for all consumer products, Mathan Somasundaram, a market portfolio strategist at Blue Ocean Equities, told CNBC. "The world looks at Australia as a proxy for China. Simply put, they sneeze and we are sick. China shutdown will cut into their GDP growth and definitely do damage to Australian GDP growth," he said.that forced tens of thousands to evacuate their homes. Assuming the situation does not worsen, experts pointed to three main areas where the coronavirus impact is going to be felt: exports, education, and tourism.

"China takes about a third of Australia's exports and the big ones, of course, are iron ore and coal," Shane Oliver, head of investment strategy and chief economist at AMP Capital, told CNBC earlier this month. He explained that as factories in China remain idle, the demand for coal and iron ore declines. Oliver also predicted Australia's economy would decline 0.1% in the January-March quarter before rebounding in the subsequent three months., have warned about business uncertainties in the near-term as they assess the virus' impact on outlook.

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