Tax breaks for big business, deregulation and wide-scale industrial relations reform will form part of the Morrison government's attempts to lift the nation out of the economic black hole caused by the global coronavirus pandemic.

Prime Minister Scott Morrison warned the COVID-19 crisis would hit the economy like "a truck" on Friday but ruled out introducing a temporary levy to begin paying down tens of billions of dollars in debt accumulated from its emergency response.

Prime Minister Scott Morrison says COVID-19 will hit the Australian economy "like a truck". Credit:Alex Ellinghausen

He has promised to fast-track new and existing major infrastructure projects and adopt an aggressive pro-business investment strategy ahead of the October budget to help the country claw its way out of an expected virus-induced recession.

"All I know is that the hit the Australian economy is taking is the biggest we have seen since the Great Depression," he told Melbourne's 3AW radio on Friday.