Small businesses shut down because of coronavirus will soon have their rent reduced in line with their revenue falls.
The prime minister and premiers have agreed to a mandatory code of conduct for commercial tenancies to be legislated across all states and territories.
It does not apply to residential tenants.
The rules will apply to commercial tenancies where the tenant or landlord is eligible for the JobKeeper Payment and has a turnover of $50 million or less.
Landlords must not evict tenants and will have to lower commercial rents in line with the company's falling revenue.
Tenants must not break the lease under the new rules.
Residential rental agreements will be dealt with separately by individual jurisdictions.
Asked about the option of mediation, which is available for commercial tenancies, Prime Minister Scott Morrison said it was a matter for the states and territories.
Earlier on Tuesday, Finance Minister Mathias Cormann indicated landlords who supported tenants in financial distress because of coronavirus would be offered land tax relief.
Australian Prime Minister Scott Morrison. Source: AAP
Political leaders largely agreed with the strategy, but industry figures proved much harder to convince.
Senator Cormann said there were a range of competing interests at play.
"Depending on whether you are the landlord or the tenant, your interests are obviously not necessarily aligned," he told Sky News.
"We would say they should be in this context, and there should be scope for landlords and tenants to work through these issues with each other constructively, given the circumstances.
"That's sometimes easier said than done."
Senator Cormann said the code of conduct would include scope for landlords who "do the right thing" during the COVID-19 crisis to receive land tax relief or deferral.
"We are trying to do our bit, providing the right incentives along the way," the minister said.
"But we do also expect that landlords will do the right thing in relation to those tenants who are in financial distress."
The prime minister has already announced a six-month moratorium on evictions for people in financial distress and hardship.
The tenants' union has argued governments need to step in to facilitate rent relief.
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