Could a Universal Basic Income be the answer to cost of living woes?

SBS News

Models for a Universal Basic Income (UBI) show that giving money to everyone in Australia would never come cheap.

But experts say the concept, which has been around since the 1800s, provides useful ideas around policies that could help ease people’s financial pain during rising inflation and cost of living pressures.

A UBI is essentially a payment from the state to each and every household with no strings attached, like a ‘dividend’ from being a ‘shareholder’ in society.

It would allow some not to work, but others would need to work and pay extensive taxes on their income.

Proponents argue such a payment would provide a society-wide safety net, protect workers from job losses from the increasing automatisation of work, and lead to greater equality.

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