BUSINESSES forced to shut their doors as coronavirus spreads will be supported to stay afloat so they can bounce back and kick start the economy as soon as the health crisis passes.
Measures such as a potential freeze on some taxes, rent and debt obligations would see companies through the drop in demand for goods and services, enabling Australia to recover faster when threat of the virus has ended.
The federal government is already looking at the next round of economic measures to help businesses after unveiling more than $189 billion in spending so far.
It is understood Treasury is also looking at possible wage subsidies paid at a flat rate, not the 80 per cent mechanism currently being deployed in the UK.
States and territories have been considering measures to reduce rent stress for both commercial and residential tenants, with a freeze on certain obligations a likely option.
Prime Minister Scott Morrison said on Wednesday governments were also working with banks and landlords.
"This virus will end … it will wreak enormous damage between now and that point," he told 2GB.
"But on the other side, we want businesses to be able to open their doors and get on back about their business, employ their staff back, see their customers again and to support them in the recovery."Mr Morrison said the government was focused on measures that would keep businesses afloat in the short term.
"The point is, is we want, the businesses that are effectively like going into a hibernation, and then on the other side, we could resuscitate them and then they get off and get running again," he said.
"For those employees they’ve have stood down, we will put the safety net around them.
"Then on the other side, they'll be able to stand up again."
Mr Morrison will tonight dial into a G20 meeting to consider the global response to both the economic and health impacts of the coronavirus.
Leaders are expected to discuss how international supply chains could be kept open, to ensure companies could continue to import products needed for critical health services.
Australia's priorities also include the search for a COVID-19 vaccine, and funding for potential antiviral treatments.
Ensuring vulnerable countries are not at risk of total financial collapse in the fallout of increasingly tough shut downs is also a major concern.
It comes as the International Monetary Fund sounded the alarm about the severe economic impact of the coronavirus on low-income countries in "debt distress".
Almost 80 countries have already approached the IMF for emergency financial support.
