What you need to know about COVID-19 today, Tuesday May 5.

Virus to wipe $50 billion off Aussie economy.

Australia’s economy will take a $50 billion hit in the June quarter, but things could get a lot worse if restrictions to deal with the coronavirus stay in place.

As the nation’s leaders start planning baby steps towards normality, its accountants have calculated the economic cost of the health measures.

Treasury has estimated Australia’s economy will shrink by between 10 and 12 per cent by June, equivalent to $50 billion.

WATCH: Coronavirus headlines for Tuesday May 5th. Post continues after video. 

A harsher lockdown, akin to the eight-week closures seen across Europe, could wipe $120 billion from GDP.

Prime Minister Scott Morrison has said Australians have earned themselves an early mark for their work in flattening the curve of infections.

Every extra week the current restrictions stay in place costs the economy another $4 billion.

In the current crisis, Treasury expects the jobless rate to double to 10 per cent by June.

‘Trans-Tasman bubble’ up for discussion today.

A trans-Tasman bubble could be formed after New Zealand’s prime minister joins Australian leaders in a discussion about battling the coronavirus and easing restrictions.

Jacinda Ardern will share New Zealand’s experiences during today’s national cabinet meeting.

While Australia’s constitution envisages New Zealand could one day join the federation, such a meeting is unprecedented.

Prime Minister Scott Morrison has previously suggested that when international travel restrictions are eventually lifted, the links with New Zealand will be the first re-established.

Ms Ardern said the creation of a "trans-Tasman travel bubble" would be a main topic of discussion. But she warned not to expect any movement on travel bans within weeks.

WA, SA and Tasmania clear of coronavirus.

WA confirmed its fifth consecutive day of no new cases yesterday, with the number of active cases falling to just 15.

The last time a locally-acquired case from an unknown source was recorded was April 12.

"It's much longer than the incubation period of the COVID-19 virus, so we can say that's well and truly out of our system," WA's deputy Premier Roger Cook said.

The current COVID-19 figures.

Tasmania has gone a fourth day with no new cases, however the government is urging against complacency.

The deadly northwest cluster responsible for 12 of the state's 13 deaths has been brought under control, and schools and big retailers reopened on Monday. Bans on visits to aged care homes will be lifted next week.

South Australia is into its 12th day of no new coronavirus cases, and has now reopened playgrounds and skate parks.

The ACT is no longer virus free after a Canberra woman in her 20s tested positive after returning from overseas - health officials have identified the small number of people she came into contact with.

Queenslanders could be dining at cafes by next month.

The Queensland Premier has flagged June as the most likely date for cafes and restaurants to reopen.

Annastacia Palaszczuk said while COVID-19 'hotspots' in NSW remain active then it's unlikely the borders will reopen.

There are 13 declared 'hotspots' throughout NSW, including Sydney, and anyone who has travelled there must self-quarantine for 14 days upon entering Queensland.

"We will review our border restrictions at the end of every month," Ms Palaszczuk.

BREAKING: Here's our back to school plan for Queensland students. Students in Kindy, Prep, Year 1, Year 11 and Year 12 will return to school on May 11, while students in Years 2 to 10 will continue remote learning at home. #covid19australia pic.twitter.com/HD9x2hes1q

— Annastacia Palaszczuk (@AnnastaciaMP) May 4, 2020

Queensland has recorded three more coronavirus cases to take the state's tally to 1038.

The new cases relate to people who had recently returned from London and Los Angeles while another had been on an overseas cruise.

Meat plant cluster rocks Victorian virus plans.

Victoria has recorded a jump in coronavirus cases at the start of a crucial week of deliberations on relaxing social distancing restrictions.

With its state of emergency set to expire on May 11, Victoria recorded 22 coronavirus cases on Monday that brought the state's total tally to 1406.

Of the 22 new cases, 19 were linked to an outbreak in a meat-processing plant in Melbourne's west, with a total of 34 cases linked to the cluster.

Whether Victoria will follow other states and lift restrictions after May 11 will depend heavily on the results of the blitz testing.

15th NSW nursing home victim dies.

A 15th resident of a Sydney aged care home has died after testing positive to coronavirus, taking the NSW total to 45 and the national toll to 96.

The man had no immediate family and was well cared for by staff at Newmarch House in Caddens, home operator Anglicare says.

A daily testing regime has been established for staff at the nursing home to manage what is Australia's second deadliest outbreak after the cruise ship Ruby Princess.

Twenty-six staff and 37 of the 100-odd residents have tested positive to the virus since April 11.

Healthy residents of the COVID-19 plagued aged care facility will soon be moved to other parts of the home as part of an operation expected to commence in the next 24 to 48 hours.

Rooms and corridors will be sanitised before the elderly are moved away from the 37 residents who have tested positive for COVID-19.

 94 per cent of arts and recreation industry hit by the virus.

Government restrictions have hit 94 per cent of businesses in the arts and recreation sector, and five in six operators in the sector say demand has dropped and their cash flow has taken a serious hit.

About three in five arts businesses have applied for the JobKeeper wage subsidy. Those who didn't apply were the most likely to say none of their employees met the eligibility criteria.

Australia’s creative spirit is under threat from coronavirus – and now we’re seeing that struggle play out in some of our most iconic spaces.

The Government needs to step up and save our arts and entertainment industry from collapse. https://t.co/6e194HTzjM

— Anthony Albanese (@AlboMP) May 4, 2020

Many have pointed out that the nature of work in the arts - often with lots of short-term contracts - means few people in the industry would have been with a single employer for longer than 12 months and thus be eligible for the subsidy scheme.

Last week's ABS data showed arts was the only sector where fewer than half of businesses were currently operating.

The only sector with a higher proportion of businesses reporting a drop in demand was accommodation and food services.

Leaders pledge billions for virus vaccine.

World leaders, organisations and banks have pledged $A12.6 billion for research to find a vaccine against the new coronavirus.

The funds, pledged at a video-conference summit hosted by the EU, fell marginally short of the $A12.8b being sought, but more money could arrive in coming days.

Here are just a few of the ways WHO is responding to #COVID19, including by sending critical response supplies to more than 133 countries https://t.co/1zuE6YSgTr pic.twitter.com/bdykGm8O63

— World Health Organization (WHO) (@WHO) May 4, 2020

Notably absent from the event was the US, where more than 67,000 people have died, and Russia.

UN Secretary-General Antonio Guterres said the target being sought to help find a vaccine, new treatments and better tests for the disease would only ever amount to a "down payment" on the tools that will be needed.

"To reach everyone, everywhere, we likely need five times that amount," Guterres said on Monday.

Around the world.

- The World Health Organisation has seen no information from the US or other sources to indicate the novel coronavirus came from a Chinese laboratory and says the claims are "speculative".

- US President Donald Trump says he now believes as many as 100,000 Americans could die in the coronavirus pandemic.

- Hair salons, flower shops and bookstores have reopened in Greece as part of a gradual easing of lockdown restrictions.

- Spain's daily death toll is under 200 for the second day in a row. A total of 25,400 people have died.

- A downward trend in Germany has seen a further easing of lockdowns, with more children returning to school and barbers reopening.

- Japan has extended its state of emergency until the end of May.

- Russia's coronavirus cases has risen by more than 10,000 in 24 hours.

- India has relaxed some coronavirus shutdown restrictions despite a rise in infections. Experts warn the virus is yet to peak in the country.

- New Zealand has had a day with no new COVID-19 cases for the first time since the peak of the pandemic. Just four Kiwis remain in hospital, with none in intensive care.

- With AAP

Feature image: Getty.

To protect yourself and the community from COVID-19, keep at least 1.5 metres away from other people, regularly wash your hands and avoid touching your face.

If you are sick and believe you have symptoms of COVID-19, call your GP ahead of time to book an appointment. Or call the national Coronavirus Health Information Line for advice on 1800 020 080. If you are experiencing a medical emergency, call 000.

To keep up to date with the latest information, please visit the Department of Health website.