Prime Minister Scott Morrison has announced unprecedented measures to insulate the Australian economy from the shock of coronavirus.

Mr Morrison said $130 billion would be committed over the next six months with an estimated six million Australians needing a “lifeline over the months ahead”.

The stimulus package will include:

Employers and sole traders will be able to apply for $1500 "job keeper" flat payment per employer to keep on their staff.

To be eligible, employers will need to have lost 30 per cent of income or 50 per cent of income if the company has a annual revenue of more than $1 billion

The $130 billion package will support the wages of up to 6 million Australians throughout the coronavirus crisis.

Those who work for non-for-profits and New Zealanders will also be eligible to the "job keeper" payment

The income threshold for the partner of someone who has lost their job has been raised from $48,000 to $79,000 a year.

Workers who have already been stood down will be able to access the payment if they lost their job after March 1.

“Today we are announcing a $1500 per fortnight job keeper allowance,” Mr Morrison said.

“This calls for unprecedented action. Governments making decisions like they never have before. Many countries in the months ahead may well see their economies collapse.

“In the very worst of circumstances we may see countries fall into chaos ... this will not happen in Australia.”

Camera Icon Today’s West Australian revealed the impending announcement of the $1500 payment.

Mr Morrison added that the engine of the economy needed to keep moving.

“Our job keeper plan sees every Australian worker the same, no matter what you earn,” he said.

“If anyone falls on a hard time ... we are all in this together.”

He said in addition to the job keeper arrangements the job seeker payments would also be extended.

Treasurer Josh Frydenberg said Australia was “facing a war on two fronts”.

“The weeks gone have been tough but those to come will be even tougher,” Mr Frydenberg said.

“Today we go further ... we are providing support to the Australian worker like never before. This payment will give working Australians the best chance of keeping their job and being connected to their employers.”

Mr Frydenberg said the payment would be available to full and part time workers and casuals who had been with their employer for 12 months or more.

Payments would start hitting bank accounts from the start of May.

“It’s more generous than New Zealand’s scheme, it’s broader than the UK’s scheme,” Mr Frydenberg said.

“It’s uniquely Australian...This unprecedented level of support reflects these unprecedented times.”

Mr Frydenberg also added that businesses who have laid off staff could put them back on and still qualify for this payment.

“If they were on the books on March 1, they are eligible,” Mr Frydenberg said

Mr Morrison said the budget for the payment for six million workers did not necessarily mean six million Australians would lose their jobs, “this is about keeping Australians in work,” he said.

Mr Morrison also added that payments would begin now and then start hitting employers accounts from May.

Businesses would need to have lost 30 per cent of income and be registered with the Australian Tax Office.

Parliament will need to be recalled in order to see the legislation passed and Mr Morrison said from this week he would be having weekly teleconference meetings with the Opposition.

“But we will be having to recall parliament for this,” Mr Morrison said.

The Business Council commended the “huge stimulus package” saying the Federal Government had “made the right choice ... to get assistance where it is needed as soon as possible.”

In a statement released this afternoon Business Council chief executive Jennifer Westacott will give the economy a better chance of bouncing back in the future.

“This crisis will end and when it does Australia will need businesses and workers that are ready to ramp back up quickly, today’s announcement will make sure they can,” Ms Westacott said.

“We have reason to be confident. We have the know-how, resilience, resources and the will to collectively stare down these challenges and reboot the economy as the country recovers.’’