Qantas will stand the majority of its 30,000 staff until the end of May as the airline grapples with the ongoing coronavirus crisis .

All scheduled Qantas and Jetstar international flights will also be suspended from the end of this month following the government's level four travel ban.

The carrier this morning announced employees will be able to use annual and long service leave, take leave at half pay, and receive their annual four weeks leave in advance of earning it.

FOLLOW LIVE: Coronavirus updates

Qantas will stand down the majority of its 30,000 staff. (Getty)

"The efforts to contain the spread of coronavirus have led to a huge drop in travel demand, the likes of which we have never seen before," CEO Alan Joyce said in a statement to the ASX this morning.

"We're in a strong financial position right now, but our wages bill is more than $4 billion a year.

"With the huge drop in revenue we're facing, we have to make difficult decisions to guarantee the future of the national carrier.

"The reality is we'll have 150 aircraft on the ground and sadly there's no work for most of our people.

"Rather than lose these highly skilled employees who we'll needed when this crisis passes, we are instead standing down two-thirds of our 30,000 employees until at least the end of May."

Qantas said senior executives and the board have increased their salary reductions from 30 per cent to 100 per cent until at least the end of this financial year.

The chairman and Mr Joyce have already announced they are taking no pay, and annual bonuses have been cancelled.

'Worst times we've ever seen in aviation'

Mr Joyce said while many staff members would be forced to take unpaid leave, they would have jobs to return to.

Mr Joyce has been in contact with Woolworths CEO Brad Banducci about temporary employment for customer service staff and baggage handlers who will be out of work for the foreseeable future.

"We've gone through wars, the great depression, the GFC and countless natural disasters," he said.

"I never thought as CEO I would have to stand down two thirds of our people and maybe more."

Mr Joyce also said the airline is in contact with the Federal Government about chartering unscheduled international flights to bring Australians home.

"If the government believes that we need to operate services to LA, to London, to get Aussies back home we are of course going to be open to that," he said.

The airline has been thrown into chaos because of the coronavirus crisis. (AP)

'Brunt of the crisis pushed onto workers'

The Transport Workers' Union (TWU) National Secretary Michael Kaine accused of Qantas of using its workers to bail out the company.

Mr Kaine said it was unfair that employees would be forced to give up their "hard-earned" leave, and instead should be compensated as part of the government's $715 million relief package.

"Where is the evidence of that relief package when what Qantas has done is asked workers to give up their hard-earned leave, and future leave, to bail out this company?" he said.

Earlier this week Qantas announced the 90 per cent cut to its international routes and a 60 per cent cut to its domestic travel.

It said it will maintain connectivity to almost all Australian domestic and regional destinations that Qantas, QantasLink and Jetstar currently operate to, but at the previously flagged lower frequency.

The Federal Government's level four travel ban means all Australians overseas are being told to return home and urging all international travel to be avoided.

"We now advise all Australians to reconsider your need for overseas travel at this time," a government warning reads.

Coronavirus: Will travel insurance cover cancellations? (9News)

Qantas' International network changes

The Qantas Group is making the following changes:

All regularly scheduled Qantas and Jetstar international flights from Australia will be suspended from end March until at least end May 2020. Some flights may continue in order to maintain key links, based on ongoing discussions with the Federal Government.

Jetstar Asia (Singapore) will suspend all flights from 23 March to at least 15 April 2020.

Jetstar Japan has suspended international flights and cut domestic flying.

Jetstar Pacific (Vietnam) has suspended international flights and will significantly cut domestic flying.

QANTAS' STOCK PRICE ROCKED

News of the staff stand down has rocked Qantas' share price as investors flee from the traditionally strong stock, which may remain in limbo for more than six months.

As of 11.20am AEDT Qantas' stock price had fallen 6.32 per cent to a low of just $2.37.

It's the steepest drop in the airline's history, with Qantas losing an estimated $5 billion in 2020 alone.

Qantas shareholders expecting a fully franked 13.5 cent interim dividend on April 9 will have to wait until September 1.