What would a coronavirus pandemic mean to Australia?

WHO classifies COVID-19 outbreak as a pandemic. Source: AAP Image/IPA/ABACAPRESS.COM
The World Health Organization (WHO) has warned that that coronavirus has "pandemic potential" and all countries should prepare accordingly. While the number of COVID-19 cases in Australia remains low, the government has plans in place if infections do spike. So should Australians be worried about a coronavirus pandemic?
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