The total number of confirmed novel coronavirus cases in Australia on Monday reached 350 as some states in the country declared a state of emergency and announced penalties for breaching quarantine and self-isolation guidelines issued by them to contain the spread of the deadly disease.
Following new restrictions by the New Zealand Government, Australia has also announced new measures to tackle COVID-19.
The Reserve Bank of Australia also pumped extra liquidity into the banking system, part of a package of measures aimed at ensuring business and households have access to credit as travel and industry are disrupted.
The moves, however, did little to calm market jitters, with the local share market falling as much as 7% in morning trading.
Australia's coronavirus death toll has risen to four after a 77-year-old Queensland woman died while in New South Wales.
"These powers have never been used before", Victorian Premier Daniel Andrews told reporters in Melbourne, the state capital of Victoria.
Andrews said it was likely that the state of emergency, imposed under the Public Health and Wellbeing Act, would be extended.
Western Australia state declared a state of emergency on Sunday.
Prime Minister Scott Morrison on Sunday announced that anyone returning to Australia from overseas would be required to self-isolate for two weeks and cruise ships from foreign ports would be banned from docking in Australia.
He has also confirmed that schools in Australia will remain open.
Still, many offices are asking employees to work from home and several leading universities on Monday shuttered for at least a week.
Morrison said lawmakers will be asked to limit the number of staff members that come to Canberra next week.
Hundreds of Australians have begun stockpiling goods, from staples to sanitizers, clearing supermarket shelves.