AUSTRALIA will stand tall with world leaders today and forge a package of domestic measures to stave off further economic panic before the sharemarkets open tomorrow.

The nation's antidote to the international financial meltdown will be announced after a two-day meeting urgently convened by Prime Minister Kevin Rudd in Canberra yesterday morning.

The Government's top economic and political minds put their heads together as Treasurer Wayne Swan responded to crisis talks in the United States by declaring that the global economic meltdown had moved "from Wall Street to main street".

The hastily convened talkfest followed a drastic communique in the US from seven top countries - the G7 - that "urgent and exceptional action" was needed to confront the panic.

Yesterday's talks in Canberra also helped prepare an Australian response for a bigger international meeting in Washington today (Australian time) of 20 top countries, including Australia.

Measures expected to help ease credit problems and inject confidence into the financial sector could include a broadening of the Financial Claims Scheme, following decisions by foreign governments about similar schemes.

The Government will introduce legislation this week to guarantee bank deposits.

It was believed the Government would raise an expected $20,000 cap on deposits.