Up to 6 million Australians are set to benefit from a $1,500 per fortnight wage subsidy, after Federal Parliament approved the Government’s $130 billion JobKeeper legislation.

Key points: Payments from the wage subsidy program will flow from May

Payments from the wage subsidy program will flow from May The $130 billion dollar scheme is the largest economic bailout in Australian history

The $130 billion dollar scheme is the largest economic bailout in Australian history Labor refused to stand in the way of the legislation, despite wanting some changes

Payments will be made to employers for up to six months during the coronavirus-fuelled economic downturn, starting from next month.

It is the single largest piece of government spending in Australian history, and more than 730,000 businesses have already registered with the Australian Taxation Office (ATO) for access to the scheme.

"This is a major demand on the public purse, but we have put ourselves into a position where Australia can meet these costs," Treasurer Josh Frydenberg said in a late night press conference, after the bill passed the Senate.

The Opposition backed the legislation after it failed to expand the JobKeeper program to include 1.1 million more casual workers and temporary visa holders, leading to accusations from Senate crossbenchers the party was rolling over.

Mr Frydenberg said a "line had to be drawn" by the Government at some stage, when discussing support for workers.

He argued many casual workers would benefit from the doubling of unemployment benefits, known as the JobSeeker payment.

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"There are so many people for whom, through no fault of their own, as a result of the coronavirus, have been subject to the most extreme economic shock, and that's why the Government has taken this unprecedented action," he said.

"I had no idea when I became the Treasurer that I would be embarking on a wage subsidy such as we have done tonight.

"But extraordinary times call for extraordinary measures."

The Government believes 6 million workers could be supported by the wage subsidy scheme — a reflection of just how serious the economic crisis is being viewed, considering that's just under half the total Australian workforce.

Payments to flow from May

The JobKeeper scheme will give $1,500 payments every fortnight to keep people in work. ( ABC News: Nick Haggarty )

Despite payments not beginning until May, they will be backdated to the end of March.

"The businesses who are looking to pay their workers now should feel free to reach out to their banks," Mr Frydenberg said.

"The Banking Association has made it very clear that they will provide that bridging finance to their customers to when the payments arrive in early May."

The mammoth legislation was rushed through Parliament in just one sitting day, in a rare display of bipartisanship.

Opposition Leader Anthony Albanese said earlier that while his party had concerns about the legislation, it would "never let the perfect be the enemy of the good".

"And this is good legislation, it will make a difference to people as a result of what we do in this Parliament here."

Industrial Relations Minister Christian Porter has praised the cooperation of the union movement and industry groups in developing measures to the respond to the coronavirus crisis.