'Not For Profit' To 'for Profit' Health Fund
Medibank was previously run as a not for profit organisation and currently operates as a for-profit Government Business Enterprise with dividends paid to the Federal Government. In May 2009 the Rudd Labor government announced that Medibank would become a 'for profit' business and would therefore in future pay tax on its earnings. The process of converting the status of the business was completed on 1 October 2009, following approval from the regulator PHIAC. (The Private Health Insurance Administration Council (PHIAC) is an independent Statutory Authority that regulates the private health insurance industry. Private health insurance policy is set down by the Australian Government Department of Health and Ageing.)
Read more about this topic: Medibank Private
Famous quotes containing the words health and/or fund:
“The philanthropist too often surrounds mankind with the remembrance of his own cast- off griefs as an atmosphere, and calls it sympathy. We should impart our courage, and not our despair, our health and ease, and not our disease, and take care that this does not spread by contagion.”
—Henry David Thoreau (1817–1862)
“I am advised that there is an unexpended balance of about $45,000 of the fund appropriated for the relief of the sufferers by flood upon the Mississippi River and its tributaries, and I recommend that authority be given to use this fund to meet the most urgent necessities of the poorer people in Oklahoma.”
—Benjamin Harrison (1833–1901)