"Light at the end of the tunnel": ScoMo announces federal finance package

Prime Minister Scott Morrison has announced a proposal for new financial supports to National Cabinet for states and territories in Australia impacted by the COVID-19 snap lockdowns.

The "prospective changes" include a range of support measure, including payments for a COVID support system and a waiver of the liquid assets test.

"Payments for a Covid support payment would still be paid in the second week of a pandemic, they would be paid basically on an arrears basis on that first seven days," Morrison explained in a press conference on Thursday afternoon.

"Secondly, the liquid assets test will be waived from the outset."

"Thirdly, the payment that will be made will be at that December quarter JobKeeper figure for last year, which is the payment that in NSW they're about to go into," he continued.

"At the end of 14 days, we would be providing to all states and territories the same arrangements that we are entering into now with the NSW Government, for business."

These payments, Mr Morrison said, would be administered by the Commonwealth.

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"To remind you about those arrangements, that is if you had your turnover reduced by more than 30 per cent, you would have for businesses between $75,000 annual turnover to $50 million annual turnover, you have 40 per cent of your payroll made in a payment with a minimum payment of $1500 and a maximum payment of $10,000. That would be done based on that first two weeks of any possible lockdown."

He was also asked about the current state of the country and was wondering what the "light at the end of the tunnel" is.

Morrison believes it's "both the continue resilience and strength of Australians to persevere, because we get through everything as Australians".

"No matter what is thrown at us, we get through it. This is the test that our generation is facing. And our generation is up to it," he said.

"And we'll persevere and come out the other side and we can have the great confidence of this in the Australian spirit that will be achieved. That we'll not be overcome by this. That we'll not be defeated by this, nor will we give up as a country into the frustration or the exasperation that can come with these challenges.

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"The second thing is this – the vaccination program continues to gather pace. The rollout continues to ensure that by the end of this year all of those seeking a vaccine can receive one. That means we can go into the next phase and the next phase after that.

"The other hope I give you is this – because Australia has had the success of date, where we've saved over 30,000 lives, where we've got one million people back in work, that shows the strength of the Australian economy to rebound. It shows the strength of the Australian people to come back.

"And so, all we need to keep doing is putting our heads down, go forward, keep our spirits up, get the job done, and Australia will not just get through this, we'll come out the other side stronger."