Reserve Bank of Australia deputy governor Guy Debelle says an unconventional bond buying stimulus known as quantitative easing is "absolutely" under consideration as the central bank seeks to counter the economic hit caused by the coronavirus.

The global economy would be "materially weaker" beyond the March quarter and there was a "significant hit to economic activity" from the coronavirus in China - hurting local tourism operators, universities and importers dependent on China-linked supply chains, he said.