The Albanese government has approved an increase in private health insurance premiums, marking the largest hike in five years at an average of 3.03 per cent. Health Minister Mark Butler highlighted that the approved increase is below the annual rise in wages and inflation, suggesting that Australians will benefit financially in the long run. The premiums are set to rise from April, which is below the 10-year average and inflation rate. However, this increase could result in Australians paying up to $436 extra a year. The decision has sparked a debate regarding its fairness amidst a cost of living crisis and the health insurance industry's significant profit surge of 110 per cent.
Australia is in the grips of a cost of living crisis yet the Albanese government has approved the largest health insurance premium hike in five years, despite the industry's net-profits surging by 110 per cent. 😲⁉🤔 IS THIS FAIR? https://t.co/fipl7GMfCo https://t.co/GUZKNwMzS7
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Private health insurers are set to raise premiums by just over 3 per cent in April, following a green light from Health Minister Mark Butler. https://t.co/Ni0CYwtdBF
Private health insurance will go up next month. Here's what holders can expect. https://t.co/XVWA0ktTTj
Private health insurance premiums are set to rise an average of 3.03 per cent this year – the largest rise in five years. https://t.co/nANh1RScZ7
#BREAKING: Aussies will be slugged up to $436 extra a year after the Albanese Government approved some of the biggest price increases in years. https://t.co/PeJzacBHNH
Private health insurance premiums will rise an average 3 per cent from April – the biggest increase in five years but below inflation and the 10-year average. https://t.co/Rz0PlVLvq3
Health Minister Mark Butler has hailed the government's decision to approve an increase in health insurance premiums below the annual rise in wages and inflation, claiming Australians are set to "earn more and keep more of what they earn". https://t.co/b5N6ICZkmU
Private health insurers announce premium rises after Albanese government approves increases https://t.co/kqcOFLmBGy