MY MONEY
The economic devastation wrought by coronavirus has reignited calls for a universal basic income (UBI). But how would it work?
UBI has many interpretations and definitions. In its purest form, it’s an unconditional benefit paid out in cash on a regular basis to all members of a population.Proponents of UBI believe it addresses poverty issues better than means-tested, or "targeted transfer" schemes such as the social support system we currently have in Australia. The advantages, they suggest, include savings on administrative and compliance efficiencies, the elimination of social stigma concerns and encouraged labour market participation. More recently, UBI […]
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