Australian shares fell sharply on Friday as investors returned to risk-off trade in the face of further uncertainty surrounding the COVID-19 outbreak and its economic impact.

After falling 2.8 per cent today, the S&P/ASX 200 Index ended the week 3.5 per cent, or 225 points, lower at 6216.2.

The falls this week have extended the market correction, with the ASX 200 index now 13.2 per cent down on its February 20 close.

The week's loses were heavily dominated by the financials sector, with the S&P/ASX 200 Financials index ending the 5 sessions 8.6 per cent lower.

The week saw NAB tumble 12.35 per cent, CBA down 9.6 per cent, Westpac shares dive 9.7 per cent and ANZ drop 10.8 per cent.

Companies directly hit by the economic fallout from the virus outbreak also fell sharply.

Qantas lost 13.4 per cent, Corporate Travel Management plummeted 21.2 per cent, and Webjet fell 15.1 per cent.

Gold miners were higher, with Saracen Minerals up 14.6 per cent and Newcrest Mining climbing 11.3 per cent.

Among the others to advance over the week was Coles, up 10.9 per cent, Chorus, which rose 14.7 per cent and TPG Telecom, which added 10.3 per cent.