Banks have deferred repayments on $220 billion of loans and 7.7 million people are being paid government welfare, triggering a warning from Prime Minister Scott Morrison that the economy must reopen because the "clock is ticking" on the financial support banks and the government can afford.

The number of people enrolled in JobKeeper has surpassed 6.1 million, putting the wage subsidy program on track to blow past the $130 billion budgeted cost with new applications from businesses still open until May 31.