The unprecedented summer of bushfires and now the coronavirus outbreak could drive Australia into its first recession in three decades, with economists warning regional parts of the country are most at risk of suffering long-term financial pain.

Panel members of the Scope survey for The Sydney Morning Herald and The Age believe the bushfires alone could knock up to 0.5 per cent - almost $10 billion - from GDP through the first half of 2020. The coronavirus could clip another 0.2 per cent from growth over the same period.

Prime Minister Scott Morrison at the National Press Club this week said the economy remained solid. But some of the nation's best economists are warning the combination of bushfires and the coronavirus could threaten growth. Credit:AAP

The federal government has conceded the fires may hit the budget with $500 million already earmarked to support affected communities through the 2019-20 financial year. Earlier this week, Prime Minister Scott Morrison said the May budget would take into account the extra spending as well as the economic impact of the disasters "as best as they are known at that time".

But retailers and tourist operators have already started to report troubles due to the fires and associated smoke, with the coronavirus outbreak adding to pressures.