The Morrison government is keeping the make-up of its promised stimulus package to offset the impact of the coronavirus close to its chest, including the exact timing of the announcement.
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Finance Minister Mathias Cormann says the package - which is expected to be a multi-billion dollar affair aimed at keeping business doors open and people employed - will be announced "well before" the May budget.
Other ministers have suggested it was "imminent", in the "next few days" or next week.
"We are obviously making decisions to ensure that we keep the economy growing and we put ourselves in the best possible position for the strongest possible recovery, " Senator Cormann told Sky News on Friday.
Treasury Secretary Steven Kennedy told a Senate estimates hearing on Thursday COVID-19 will lop at least 0.5 percentage points off of growth in the March quarter.
This is on top of the expected 0.2 percentage point detraction caused by this summer's devastating bushfires.
Senator Cormann said the aim will be to encourage businesses to bring forward investment decisions.
"We will not be pursuing a cash splash in the reckless Rudd-Gillard fashion," he said in reference to part of the stimulus action that was undertaken by the former Labor government during the 2008-2009 global financial crisis.
There have been widespread calls for the government to increase Newstart as a way to inject money into the economy.
Labor and business groups have also suggested bringing forward future tax cuts that have already been legislated.
But Senator Cormann declined to speculate what the government may or may not do.
"I am not going to go through a shopping list of measures," he said.
So far, the tourism and education sectors have borne the brunt of the impact of COVID-19 after Chinese visitors and students were banned from entering the country in early February.
The government last week added Iran to the ban and South Korean visitors on Thursday. It also introduced enhanced screening for travellers from Italy.
Dr Kennedy also warned the bushfires and the emergence of the virus will undoubtedly have a negative impact on the budget position.
In the mid-year budget review in December, Treasurer Josh Frydenberg forecast a $5 billion surplus, which would have been the first in a decade.
But Senator Cormann declined to say whether the budget will be in deficit, saying while providing stimulus for the short-term, the government will keep a "very careful eye" on the long-term structure and sustainability of the budget position.
Economists expect retail spending figures for January, due out on Friday, will produce a flat result as the impact of the bushfires and associated smoke pollution counter any delayed spending from last year's tax and interest rate cuts.
This would follow a 0.5 per cent drop in spending in December.
Australian Associated Press