Philanthropist Michael Milken has urged governments not to consider a universal basic income as a solution to the automation of the workforce, but to focus on subsidised housing, education, healthcare and childcare.

Mr Milken, chairman of the Milken Institute, said he was “not a supporter” of proposals for a guaranteed wage to every citizen, and was “really concerned” about the concepts of handouts, while speaking at a Sohn Hearts and Minds Australia conference on Sunday evening.

Michael Milken, chairman of the Milken Institute speaking at the Sohn Hearts and Minds at Art Gallery of NSW on Sunday. Credit:Steven Siewert

The US, Finland and Canada are among countries where small tests of a universal basic income have been trialled, and the idea has been favoured by Australian Greens leader Richard Di Natale.

“Most people don’t want a handout. I’d rather see it done differently – subsidising housing, subsidising education,” Mr Milken said.