More than six million Australians will be getting a cheque for A$750 ($775) as part of the Morrison Government's 17.6 billion stimulus package.
Households who are getting government benefits including pensioners and those getting Newstart, Carer's Allowance and Family Tax Benefits will get the one-off payments from March 31.
"Households will receive a stimulus payment of A$750 across the full gambit of those who receive all sorts of benefit payments," Morrison told reporters today.
"The biggest beneficiaries of that will be pensioners. They comprise around half of those who will receive those payments, but they also will be extended to those in family tax benefits, which obviously goes to those in earning households."
The Prime Minister said other measures included supercharging the instant asset write-off, backing business investment with an accelerated depreciation scheme and a cashflow boost for small and medium-sized employers.
About 690,000 businesses across Australia will be able to get grants for up to A$25,000.
The government will also support employers to keep 117,000 apprentices in jobs over nine months.
Treasurer Josh Frydenberg said the package was worth A$17.6 billion, A$11b of which would be spent before June 30.
"Importantly, A$3 out of every A$4 spent will go to backing business and keeping Australians in a job," Frydenberg said.
The PM will also address Australians tonight at 7pm after delivering his coronavirus stimulus package this morning.
Some details of the package were revealed early and included that small businesses would get tax breaks and subsidies.
About A$6.7b over four years will be spend on helping small businesses keep running amid the outbreak, in addition to expected cash payments to certain households and a A$2.4b health package unveiled on Wednesday that includes the creation of 100 fever clinics.