Grants and loans totalling $250 million will be available to artists and entertainers to help the creative sector survive the coronavirus pandemic.
Social distancing requirements have wreaked havoc on the arts and entertainment scene, forcing performance venues to shut their doors.
Prime Minister Scott Morrison has acknowledged the sector was one of the earliest hit by coronavirus restrictions and will be one of the last to return to normal.
"These measures will support a broad range of jobs, from performers, artists and roadies, to front-of-house staff and many who work behind the scenes, while assisting related parts of the broader economy such as tourism and hospitality," he said on Wednesday.
"This package is as much about supporting the tradies who build stage sets or computer specialists who create the latest special effects, as it is about supporting actors and performers in major productions."
The much-anticipated package includes $75 million worth of grants to help productions and tours return, with funding per project ranging from $75,000 to $2 million.
It also includes measures to help local screen productions and individual organisations.
A task force on the creative economy will be announced in coming weeks, to work with the government and the Australia Council on implementing the plan.
The government says some of the sector's 645,000 workers are already receiving $100 million in support measures.
Mr Morrison will work with national cabinet to develop a timetable for the entertainment industry in regards to the lifting of restrictions, so they can plan when to reopen.
There remains no clarity on when crowds of more than 100 can gather.
Earlier, Media, Entertainment and Arts Alliance chief executive Paul Murphy said the situation was dire and many businesses would not survive the fallout.
"A generation of creative workers will be lost to the industry and our country will be poorer for that," he told politicians.
Australian Associated Press