The concept of Universal Basic Income (UBI) is gaining traction as concerns about job security rise due to advancements in artificial intelligence. UBI is defined as a regular, unconditional payment made to all individuals, regardless of their circumstances. Experts argue that implementing such a system could provide a safety net in an era of rapid change.

Ben Spies-Butcher, an associate professor of economy and society at Macquarie University, emphasizes the importance of creating a financial foundation accessible to everyone. He notes that the JobKeeper and coronavirus supplement payments during the COVID-19 pandemic demonstrated the feasibility of a universal payment system. "It proved that we could do it. Because we actually did it," he stated, highlighting that millions of Australians benefited from these payments, allowing them to maintain a basic standard of living.

During the pandemic, between 3.6 million and 4 million Australians received the JobKeeper payment, while an additional 2.2 million received the coronavirus supplement, which significantly increased their income. At one point, over 43 percent of the adult population was receiving regular payments from the government, showcasing the potential for a UBI system.

Research conducted before and after the pandemic has shed light on the positive effects of basic income. Elise Klein, an associate professor of public policy at the Crawford School at the Australian National University, points out that the pandemic revealed the fragility of employment. "COVID showed us how precarious the idea of employment is … how shaky those foundations are," she said. Klein describes the pandemic as a "natural experiment" that demonstrated the impact of basic income, noting that poverty rates for those receiving JobSeeker payments dropped from 67 percent to 7 percent.

Klein's research indicates that the financial support allowed individuals to better prepare for re-entering the labor market. "They were able to have their foot off their neck a bit and be able to engage into the labor market," she explained. The psychological benefits were also significant, as many individuals regained a sense of dignity and stability.

The Stanford University Basic Income Lab has documented approximately 160 UBI experiments worldwide over the past 40 years. These studies vary in scope, objectives, and the amount of financial support provided. One of the largest ongoing projects is Give Directly in Kenya, which has been running for 12 years and involves 20,000 participants across 200 villages. Preliminary results from this initiative indicate substantial improvements in participants' lives, including reductions in infant mortality and family violence, as well as increases in consumption spending and savings.