The Morrison government is announcing its second set of stimulus measures, just 10 days after it first moved to diminish the economic blow of the virus and the measures to combat it.
Here's what you need to know.
A coronavirus supplement of $550 per fortnight will be paid for the next 6 months.
# A temporary six-month supplement of $550 a fortnight to income support payments such as the JobSeeker Payment, Youth Allowance jobseeker, Parenting Payment, Farm Household Allowance and Special Benefit.
Services Australia will also expand its staff to 5000 to help the delivery of the new measures.
Australian households will get more of a helping hand. This payment will be available from 13 July automatically to those eligible.
The original payment will also occur automatically from March 31.
From May 1, the lower deeming rate will be 0.25 per cent and the upper deeming rate will be 2.25 per cent.
Labor is inclined to support the stimulus package, which is expected to be legislated on Monday.
Individuals struggling as a result of the COVID-19 outbreak will also be able to access some of their super early.
They will then be able to access a further $10,000 of their super savings in the 2020-21 financial year.
"The expanded JobSeeker Payment addresses one of the key issues we raised in our discussions with Treasury and in our formal submission to the Government last week". The government will also now guarantee 50 percent of loans to businesses from eligible lenders.
It is created to benefit retirees by providing them with more flexibility regarding how they manage their superannuation assets.
- The instant asset write-off threshold has been increased from $30,000 to $150,000 and access has been increased to include all businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020.
The goal of this payment is to boost cashflow and allow organisations to keep the lights on - and keep employees on the books.
Cash payments for small and medium businesses will now range from $20,000 up to $100,000, marking a significant increase from the $2000 to $25,000 proposed in the first stimulus package.
The payment will be available from 28 April 2020 and is tax free. What would be the point of keeping on staff so I could get a $20,000 tax benefit from the government?
A cash payment of up to $100,000 has been made available to businesses with turnover of under $50 million.
Businesses have been particularly targeted.
The government will make a second A$750 payment to pensioners and welfare recipients in July, on top of the cash handout already flagged to hit bank accounts at the end of March.
Canberra will provide a guarantee for 50 per cent of new loans issued to SMEs.
They'll all get a minimum of $20,000 - 10 times the amount announced previously.
A temporary relief for financially distressed businesses will increase the threshold at which creditors can issue a statutory demand on a company and the time companies have to respond.
PwC chief economist Jeremy Thorpe said the scale of the package proved the "profound and immediate impact" of the coronavirus on the economy.
"We do believe that we may need to do more".
The Morrison Government has also suggested that more rounds of stimulus are in the works and will be announced in due course. "For workers employed in larger businesses, there is no support".
"Understanding the detail of how this works and exactly who will be eligible will be revealed in the fine print of the legislation which the institute will be studying closely and commenting upon as soon as it is released. Superannuation was always meant to be for retirement purposes, but the current emergency is of such a nature as to warrant this temporary adjustment".