Melbourne Fashion Festival cancelled its remaining shows last Friday.
While Prime Minister Scott Morrison issued a warning against hosting large events from Monday, the event decided to take greater precautions amid the coronavirus outbreak.
The cancellation included The Iconic's sustainability runway.
"Government Authorities have advised non-essential events with more than 500 people should be cancelled from Monday 16 March 2020," Melbourne Fashion Festival said in a statement on Friday.
"In the interest of the health and safety of our partners, participants, team, volunteers and patrons, the Festival has made the decision to cancel all remaining produced events, effective immediately as a precautionary containment measure."
Last Thursday, Morrison announced a $23 billion stimulus package in a bid to soften the economic impact of COVID-9.
Morrison pledged around $6.7 billion in tax-free payments over four years for businesses earning over $50 million annually, with a minimum payment of $2000.
This would see the government support 700,000 businesses and 7.8 million workers.