Executive director of the Australian Retailers Association Russell Zimmerman has told Sky News "we are hearing reports of panic buying" as a result of the coronavirus threat, however "there is absolutely no need for it". It comes as Australian shares dropped three per cent in early trade on Monday, falling to their lowest level since April 2019.
Reports also emerged of Australians rushing to stock up on supplies due to fears of the long-term implications of the Coronavirus.
"The major supermarkets still have good, high levels of stock," Mr Zimmerman told Sky News host Chris Kenny.
"There is absolutely no reason to panic buy at this stage".
Image: Getty
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