Updated April 23, 2020 13:50:31

Treasurer Josh Frydenberg says Australia's big four banks have agreed to speed up loan applications from businesses who are waiting for JobKeeper payments to come through.

Mr Frydenberg said the big four banks had agreed to special measures to help businesses pay their staff in the period before the payments arrive in the first week of May.

He said each bank would set up a "dedicated hotline" for businesses to get their hands on "bridging finance".

"They have also agreed to expedite the processing of all those applications to the front of the queue," Mr Frydenberg said.

"Go to your bank, ring their hotline, ask for that support, and that support will be forthcoming."

Prime Minister Scott Morrison said the agreement was part of the Government's ongoing work to help businesses affected by the widespread coronavirus shutdowns stay afloat and continue to pay their employees.

Businesses across the country have reported mixed experiences trying to get cash out of the banks, with some saying they have been unable to get loans to pay workers while they wait for the Government's payment.

"For these arrangements to work, we obviously need continued strong cooperation from the banking sector and from the superannuation sector," Mr Morrison said.

"I am aware that there has been some frustration amongst businesses, in particular, in accessing bridging finance with banks.

"We are aware of that."

The $130 billion JobKeeper scheme — the largest financial lifeline package in Australia's history — was passed during a special sitting of Parliament earlier this month with support from both sides of the political divide.

The payments are expected to help more than 6.7 million Australians who have been stood down or had their incomes cut because of the coronavirus crisis.

Infographic: Growth in known cases in key countries, on a logarithmic scale

This chart uses a logarithmic scale to highlight coronavirus growth rates. Read our explainer to understand what that means — and what we can learn from countries that have slowed the spread.

Economy 'on the road back', PM says

The Prime Minister also said more than half a million Australians had now signed up for the JobSeeker unemployment benefit.

"Just before this press conference [Services Australia] has now processed some 587,686 JobSeeker and related applications," he said.

"That is more than we do in a year."

Mr Morrison said the two schemes — JobSeeker and JobKeeper — plus other financial measures introduced by the Federal Government to stem the economic impact of the virus, were working.

"We are on the road back, and that is demonstrated by the measures that we already have taken," Mr Morrison said.

"We are on the way back to a COVID-safe economy as well. We are building the protections."

The Prime Minister said there would be a further update on the Government's current response to the coronavirus pandemic, including social distancing restrictions, after National Cabinet met tomorrow.

Topics: government-and-politics, infectious-diseases-other, federal-government, health, respiratory-diseases, covid-19, community-and-society, australia

First posted April 23, 2020 12:01:04