The head of the nation's biggest bank and number one home lender is "very" worried about the economy, and has called on state and federal governments to send cash quickly to businesses and households.
Commonwealth Bank boss Matt Comyn believes the crisis caused by the spread of the coronavirus will be worse than the global financial crisis of 2008.
"There's every reason to be concerned at this particular point in time," Mr Comyn told ABC's The Business.
"The GFC was quite different and much more around failure in the financial system and a lack of trust, particularly between financial institutions.
"And clearly that caused a real shock on the economy both globally and to a lesser extent domestically.
"What we're seeing at the moment is different and of course we don't really know the full impact."
The economic fallout forced the Reserve Bank into an emergency 25 basis point cut to the cash rate and announce $90 billion to keep banks lending to small businesses.
In response, the Commonwealth Bank cut fixed home loan rates by 70 basis points, 100 basis points for businesses, and lifted deposit rates.
The bank left popular variable mortgage rates.
It also announced reduced fees and possible overdrafts for small businesses in trouble.
However, Mr Comyn conceded that the last thing many businesses needed was more debt.
"I'm supportive of the measures that have been taken," he said.
"Of course subsequent measures will be required.
"For some businesses, they're going to need direct financial assistance so that they can keep paying their people and their employees and keep their businesses viable.
"They'll need direct financial assistance at zero cost.
"That can only really come from the federal and some cases the state governments."
It is expected that the Federal Government is going to announce an additional cash payment in its second stimulus package over the weekend.
Mr Comyn said the bank was already seeing distress among its business customers.
"We're seeing more requests coming in for financial assistance and have customers that are concerned, scared," he said.
"Some that are worried about their current financial situation.
"They're very apprehensive about what might be coming next.
"We're seeing requests for liquidity, temporary facilities and see that on the consumer side as well."
Mr Comyn was unwilling to say how far the bank was off foreclosures, or whether it would offer a freeze on loan repayments to customers in distress.
"We're going to need to provide greater support and flexibility than we ordinarily would," he said.
"We hope we can get all of the viable businesses as the RBA Governor has said, cross the bridge, to the other side of the ravine that's quickly approaching us."
Mr Comyn said there weren't any signs of widespread distress among home borrowers yet, but that would likely rise with unemployment.
