Federal Parliament has passed the coronavirus economic stimulus measures designed to cushion the sledgehammer blow of the coronavirus.

A series of bills were approved on Monday night, with two packages worth $17.6 billion and $66 billion at the heart of the Morrison government's response.

Treasurer Josh Frydenberg says the stimulus package is about "building a bridge". Credit:Alex Ellinghausen

In separate legislation, the government set aside a further $40 billion for urgent and unforeseen spending associated with the crisis, as the IMF tips the pandemic will likely to cause a global recession.

Jobseeker, youth allowance, parenting and special benefit payments will be boosted by $550 a fortnight.