Original article by Adam Creighton
The Australian – Page: 1 & 8 : 5-Apr-18
Economists have criticised a proposal by Australian Greens leader Richard Di Natale to introduce a universal basic income. This would replace all existing welfare payments, but some estimates suggest that the policy would increase federal government spending by 55 per cent a year, or $A254bn. Modelling by social researcher Ben Phillips also suggests that funding a UBI would require all marginal tax rates to be increased by 33 per cent. This in turn would be likely to significantly reduce the incentive to work for many people.
AUSTRALIAN GREENS, NATIONAL PRESS CLUB (AUSTRALIA), AUSTRALIAN NATIONAL UNIVERSITY, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, RESERVE BANK OF AUSTRALIA, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA