Prime Minister Scott Morrison has assured Australians that the country’s economy will bounce back, as he outlined seven principles which underpin the government’s response to the economic downturn triggered by the ongoing coronavirus crisis.

It had been rumoured that the Liberal leader would unveil the government’s multi-billion dollar coronavirus stimulus package when he delivered the keynote speech at the Australian Financial Review summit in Sydney on Tuesday, however Morrison instead outlined seven principles which underpin the impending federal response.

The principles include aspects such as minimising the waste the waste of taxpayer cash through targeted responses, as well as taking timely, scalable and proportionate actions, which also must be temporary and make use of existing delivery methods.

“By following these principles we will protect the structural integrity of the budget and maximise the impact of our measures to protect the livelihoods of Australians and our economy,” he told the summit.

The PM also called on big businesses to remain steadfast through the current period of uncertainty and to continue paying their suppliers and employees, in a bid to avoid financial strife when the worst is over and reliance on support from the government coffers.

He said: “We need your perseverance, your planning, your enterprise. We need your common sense. We need your calm. We need your commitment. But we need your patriotism as well.

“We need you to support your workers by keeping them employed. Hold on to your people, because you will need them on the bounceback on the other side.”

Morrison added: “You want to know what you can do to keep Australians in jobs? Keep businesses in business? And support Australia through this crisis? If you’re a large business, go back to your office today, pay your supplier invoices, and commit to pay them even faster for the next six months. That is what sticking together looks like.

“How you support your customers, your suppliers, your employees during the next six months and potentially beyond will say more about your company, your corporate values, and the integrity of your brand than anything else you’ve likely done as an organisation.”

He also quashed any hope of the country getting back into the black this year, as he declared that the “time is now” to sacrifice the forecasted budget surplus, warning that the economic downturn could be worse than the global financial crisis.

The PM wrapped up by saying: “Australia will pass this test and emerge stronger on the other side”.