Steve Killelea

Well, basically, the idea is that every citizen gets a certain amount of money.

And the idea of that then is that will replace a lot of the social welfare systems and payments which are in place.

So, but

There aren't any countries currently which have actually implemented.

So the pilots on limited scales are running in or have run in places like Finland, Canada, Netherlands and Iran.

So if you came back and you think about it, let's say in an Australian environment, if you took the 24 million Australians and you were to give them $10,000 each, let's say as a basic income, that would be $240 billion which we'd be paying out.

But that versus the Australian tax take of about $560 billion.

So that's a lot.

But at $10,000 per annum per person, we look at, let's say, unemployment benefits at the moment, and that's under the JobKeeper.

That's about $15,000 a year.

So it's still...

wouldn't even match that and we'd be taking up 40% of our tax take.

So the concept is nice in principle, but to do it as a fully universal payment,

The country's unlikely to be able to afford it and we're obviously one of the more wealthy countries in the world.

So that then brings it back and you start to need, if you're going to implement it, look at it in terms of, I guess, bringing it in some other way.

So there are certain citizens you'd exclude from this, maybe the wealthy, but how much of the wealthy would you exclude?

Maybe 10%?

Doesn't make a big difference.

You could exclude children maybe.

that then would certainly make a big difference.