ScoMo will use a National Press Club speech today (26-05-20)to place the TAFE system and industrial relations at the heart of the Coalition's recovery plans, which he will warn could take years.

He will also propose a historic joint effort between the Commonwealth and states on job creation, while placing tax reform and deregulation on the agenda.

He'll push for National Cabinet to help reform the skills sector and overhaul the TAFE system by establishing a uniform and efficient price for training costs and targeting Government spending on the number of places available to service industry needs.

A broad overview of a planned JobMaker scheme will be unveiled against a backdrop of grim economic predictions including a record deficit, debt exceeding 30 per cent of GDP, unemployment "around 10 per cent", and a fall in foreign investment by up to 40 per cent.

The JobMaker principles will include ensuring Australia stays an "outward-looking, open and sovereign trading economy" and supporting "an educated and highly skilled workforce" to complement modern and competitive manufacturing, resources and agricultural sectors.

Australians will also be warned that the road to recovery could last as long as three to five years, but Mr Morrison will insist "these difficult times are not the product of economic failure but a global health pandemic".

Get our economy out of ICU

ScoMo is expected to warn that companies will need to "get off the medication" of handouts like JobKeeper, by declaring, "at some point you've got to get your economy out of ICU".

"We must enable our businesses to earn our way out of this crisis. That means focusing on the things that can make our businesses go faster.''

The blunt comments are expected to further dash hopes that the Government will bow to pressure and extend the JobKeeper wage subsidy scheme to more workers who missed out on the $1,500 fortnightly payments.

Australia will also be put on notice that emerging from the coronavirus shutdown will be riskier than the lockdown itself.

"Success in this current phase will not be easy. It cannot be assumed. It will not be business as usual. Opening up will be harder than closing down,'' Mr Morrison will warn.

"We will all have to retrain to live and work in a way that creates a sustainable COVIDSafe economy and society."