The state's unemployment rate has dropped slightly to 5.2 per cent, but Treasurer Tim Pallas on Thursday said it will be the last decrease for some time.

"These jobs number were taken in the first two weeks of March and since then there have been substantial stand-downs in airlines, retail industry, right across our economy," Mr Pallas said.

"We're in for hard times and as a community we need to recognise that the challenges that we confront will really define this generation."

The Victorian modelling follows the federal estimate, forecasting an unemployment rate of about 10 per cent.

In order to fight the impact of the virus on the economy, Mr Pallas announced the state government will put aside $24.5 billion in emergency funding.

This funding will be directed both to fight the coronavirus impact on jobs and to help set up the eventual recovery.

The funds will be sought in the supply bills that will be introduced in the state's parliament emergency sitting next Thursday.

"We will give a strategy about how the government will deal with the next 10 years because this will be a generational-defining event," Mr Pallas said.

"We need to be very frank... it's going to be a hard slog for a lot of people."

Mr Pallas said the opposition had been briefed about the bills and will have all appropriate documentation before the emergency sitting.

Australian Associated Press