The prime minister has signalled work is well under way on a response to the financial impacts of the coronavirus, as he held a meeting with central bank chiefs.
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With the coronavirus sparking fears of a global recession, the Reserve Bank is widely expected to cut interest rates to soften the impact.
Its board meets on Tuesday, a day ahead of the release of the latest quarterly economic growth figures, which economists expect will again show a sluggish expansion, even before the outbreak of COVID-19.
"This is a health crisis not a financial crisis, but it is a health crisis with very significant economic implications," Mr Morrison told parliament on Monday, noting his meeting with the RBA governor and deputy governor.
"We'll be focusing on ensuring that we keep Australians in jobs, we keep business in business and we keep investment flowing during what will be a very challenging time for the Australian economy."
Mr Morrison said when the health crisis was over, there would be a bounce back for the Australian economy.
The tourism sector in particular faces losses running into billions of dollars due to the travel ban on Chinese visitors in an attempt to contain COVID-19.
The education sector is also bearing the brunt of travel restrictions.
Treasurer Josh Frydenberg, who also attended the meeting with RBA officials, told parliament Australia was well placed to deal with the impacts from the virus.
"Our fiscal response will be considered, it will be responsible and it will be targeted," he said.
Shadow treasurer Jim Chalmers is open to a stimulus package to assist the impact of the virus, but argues the economy has been in desperate need of support for some time.
The national accounts for the December quarter are due on Wednesday, which will not include the full impact of summer's devastating bushfires either.
Economists at this stage expect the economy grew by a slim 0.4 per cent in the quarter, with some having marked down their predictions in the face of weak construction and business investment data last week.
While this will lift the annual rate to 2.0 per cent from 1.7 per cent as of the September quarter, it would still leave growth well below its long term trend.
Economists will finalise their forecasts after business, government spending and international trade figures early next week.
Treasury officials can be expected to be grilled on the growth result when they face Senate estimates on Thursday, having repeatedly had to downgrade their expectations in recent history.
Australian Associated Press
