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10 things you need to know this morning in Australia Morning, folks. It's a doozy today!

Qantas CEO Alan Joyce ditches part of his $24 million pay, slashes flights by almost 25% Qantas has reduced capacity by almost a quarter, taken 10 of its 12 A380 aircraft out of service, and has cancelled its $150 million share buy-back among other measures announced Tuesday as it deals with the fallout of the COVID-19 outbreak.

Italy's prime minister just placed the entire country on lockdown in a nationwide extension of its coronavirus restriction zone More than 9,000 people in Italy have been infected by the coronavirus and about 463 have died, officials said on Monday. The surge in COVID-19 cases prompted Prime Minister Giuseppe Conte to take the unprecedented step of putting the entire nation on lockdown.

Dow plunges more than 2,000 points, biggest decline since 2008, as coronavirus fuels market turmoil The S&P 500 plunged as much as 8% on Monday - its biggest intraday drop since 2010 - before closing 7.6% lower. The benchmark index saw such sharp immediate selling at the open that it was temporarily halted minutes after 9:30 a.m. ET.

OIL MARKET MADNESS: Here's how a crucial breakdown between Russia and other major producers caused the biggest plunge in 29 years and tanked stocks A weekend of oil-market chaos has dragged US stocks near bear market territory and added new risks to the coronavirus-rattled economy. Tensions in the commodity market spiked on Friday after Russia declined to join OPEC in curbing oil production in the wake of weakened demand.

Airlines are burning thousands of gallons of fuel flying empty 'ghost' planes so they can keep their flight slots during the coronavirus outbreak Airlines are running empty "ghost" flights during the coronavirus outbreak because of European rules forcing operators to run their allocated flights or risk losing their slots.

The ASX 200 fell a massive 7.3% on Monday, thanks to the coronavirus outbreak and a collapse in the oil price Signs of stress in funding markets and fears a wave of defaults triggered by the coronavirus outbreak are hitting sentiment towards the big banks, as global equity markets reeled following a collapse in the oil price.

Australia's privacy watchdog has launched legal action against Facebook over the Cambridge Analytica scandal Australia's privacy watchdog, the Australian Information Commissioner (OAIC), has launched legal action against Facebook in the Federal Court over the Cambridge Analytica scandal.

Should you reconsider your overseas travel plans amid the coronavirus outbreak? Experts weigh in. The government has issued 'do not travel' notices to China and Iran amid the coronavirus outbreak. We asked experts whether you should consider cancelling your travel plans.

22% of Aussies had a New Year's resolution to clear their debt. Here are 3 tips for consolidating what you owe. With Aussies racking up more than $18 million worth of credit card debt over the Christmas period, it's no wonder 22 per cent of them listed getting out of debt as their top New Year's resolution for 2020.

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