Wealth manager Escala Partners' chairman Brett Paton has warned that Australians will have to pay more taxes to finance the federal government's $194 billion stimulus package.

"It’s a household question now being asked ... who is going to pay the bill? I assume it can only be through new taxes that all these outgoings are going to be funded," Mr Paton told The Age and The Sydney Morning Herald.

Escala Partners' chairman Brett Paton has called on businesses to come up with innovative solutions to ride out the coronavirus. Credit:Mirek Rzadkowski

The former UBS vice-chairman added that a recession was firmly on the cards, with up to four quarters of negative growth likely, as the Australian economy works to recover from the effects of the strict lockdown measures imposed by federal and state governments.

"No one is making any money," Mr Paton said. "If it [the lockdown] continues, most companies will go bankrupt with the exception of a few. The government has no taxing base."