Air New Zealand is dropping its prices for several trans-Tasman flights, as the global coronavirus outbreak softens the travel outlook.

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Yesterday, Air NZ revealed its profits slumped 32 per cent last year and expects more pain from Covid-19, with people reluctant to fly.

To try and stimulate travel, it announced today it's slashing prices for trips to Australia.

Trips to Melbourne from Auckland and Christchurch have dropped to $69, with flights to Brisbane and Sydney down to $79 from Auckland, Wellington and Christchurch.

Air New Zealand says the "ridiculously" cheap fares will be available from now until the end of Monday, for travel from mid-March 2020.