Australians will still be able to return from overseas, but they will be required to self-isolate for 14 days.
The new ban means people with student and working holiday visas, who are currently out of the country, will be unable to enter Australia for the foreseeable future.
Visa holders already in Australia can remain in the country.
The government had previously banned foreign nationals from coming to Australia from China, Iran, Italy and South Korea.
The Prime Minister said the earlier travel bans had already reduced travel to Australia to one-third of normal levels, but that further measures were necessary to contain the spread of the virus.
“About 80 per cent of the cases we have in Australia are either the results of someone who has contracted the virus overseas or someone who has had direct contact with someone who has returned from overseas,” he said.
“So, the overwhelming proportion of [coronavirus] cases in Australia have been imported.
“Measures we have put in place have obviously put an impact on that and this is a further measure now that can be further enhanced.”
Queensland on Thursday recorded 50 new cases of the coronavirus in 24 hours, the biggest single day increase.
New South Wales added another 40.
The travel ban came after Qantas and Virgin announced major cuts to flights and staff, both domestic and internationally.
Morrison thanked Qantas for working with the government to maintain flights needed to bring Australians homes.
“Those Australians who are overseas, we have been encouraging them to return to Australia,” he said.
“Those in remote parts of the world, that can prove challenging but for those in other places, it is our intention to ensure we can maintain flights to enable them to come home as soon as possible.”
The treasurer, Josh Frydenberg, signalled on Thursday the looming travel ban, which will decimate Australia’s struggling tourism sector, could remain in place for six months, or longer.
Frydenberg told the ABC the restrictions would “last as long as the medical experts tell us that we need to prevent the spread of the virus”.
The travel ban contains exemptions for Australian citizens, permanent residents and their immediate family, including spouses, legal guardians and dependants.
New Zealand citizens who live in Australia as Australian residents will also be exempt, as will New Zealanders transiting to New Zealand.
The government says exemptions for Pacific Islanders transiting to their home countries will continue to apply.
