“Any such purchase from now until 30 June, including a truck, a tractor, a shop fit-out, can be written off immediately,” said Mr Morrison.
Up to 120,000 apprentices will also be getting support payments to keep them employed and 650,000 small and medium-sized employers will have access to grants of up to $25,000.
Tourism operators will share in a $1 billion fund led by Trade Minister Simon Birmingham that will waive marine and national park fees, identify alternative export markets and promote domestic tourism.
The immediate payments are worth $11 billion and will be raced out from the government in just over three months.
“That’s when it’s needed,” Mr Morrison said in Canberra. “This is very front-end-loaded. We’ve done that on purpose.”
The cost of the stimulus will be spread over three years and equal more than 1 per cent of gross domestic product, but Mr Morrison said the the measures would not extend beyond June 30 2020.
“This plan is about keeping Australians in jobs,” he said.
“This plan is about keeping a business in business and this plan is about ensuring the Australian economy bounces back stronger on the other side of this and, with that, the budget bounces back with it.”
Mr Morrison said the virus was “a matter that scientists and health professionals are advising us on” but “it does have a finite life”.
Treasurer Josh Frydenberg said monetary policy had run out of room around the world, putting the economy in a different position to what it was in a decade ago. The Reserve Bank is expected to cut interest rates to a new record low of 0.25 per cent in April and has said unconventional monetary policy is on the table.
“This is very different to the global financial crisis in a number of respects,” Mr Frydenberg said.
“This is not a financial system problem, this is not a liquidity crisis, this is a health crisis.”
“But one of the other differences is that with the global monetary policy, there was a lot more room with monetary policy to respond. This time, monetary policy globally is pretty much exhausted.”
Eryk Bagshaw is an economics correspondent for The Sydney Morning Herald and The Age, based at Parliament House in Canberra