The stock market looks set for its worst day in 2020 as the Wuhan coronavirus outbreak worsens.

The Australian Securities Exchange (ASX) plunged around 110 points or 1.55 per cent in the first 10 minutes of trading on Monday, in line with futures trading after the government acknowledged the one-two combo of both the coronavirus and bushfires would be “significant”.

“There are things that we can control and things we can’t control. When it comes to the outbreak of the virus, when it comes to the fires, when it comes to the floods, when it comes to the trade tensions between the United States and China, we can’t control these factors,” Treasurer Josh Frydenberg told ABC’s Insiders program.

While those various factors have each landed a hit on Australia’s economy, two in particular loom large. The impact of Australia’s bushfire disaster and the ongoing spread of the Wuhan coronavirus is yet to be quantified, although analysts and economists have speculated both will run into the billions of dollars, shaving a fraction of a per cent from Australia’s already weakened economy.

“The key point here is that you’ll see direct impacts, so trade, tourism, [and] students. You’ll [also] see indirect impacts,” Frydenberg said, noting the latter two sectors are worth about $16 billion.

Last week, investment bank UBS identified Australian stocks like Treasury Wine, gaming giant Star, airlines Qantas and Virgin, and travel agents Flight Centre, Webjet, Corporate Travel and others as being particularly vulnerable.

With the exemption of Australian residents, those with permanent residency status, and their family members, the government announced on Saturday it would implement a nationwide two-week ban on visitors from China.

The move will only exacerbate the suffering the education and tourism sectors were expected to endure, deepening the prospects of negative growth. On Sunday, in response, Frydenberg wouldn’t rule out a quarter of economic contraction or the forfeiture of a budget surplus.

The full economic impact, unlikely to be unknown for months, could put the government under more pressure to spend big in its May budget.

This article first appeared on Business Insider Australia, Australia’s most popular business news website. Read the original article. Follow Business Insider on Facebook or Twitter.