Hockey vows to sell Medibank Private to 'pay down Labor's debt'

Joe Kelly

Article excerpt:

JOE HOCKEY vowed today that Medibank Private would be sold to pay off Labor debt under a Coalition government. The treasury spokesman said his career had been forged on privatisation and estimated the sale of Medibank Private could raise between $3.5 billion and $4.5 billion.

Mr Hockey said there was plenty of competition in private health insurance, listing a range of organisations, and said some activities were best left to the private sector.

“There is no longer a need for government-owned health insurers to ensure competition in the market. Medibank Private operates as if it is in the private sector so it should be sold to the private sector,” he said in an address to the National Press Club in Canberra today.

“We believe in smaller government and we believe in less government debt so I announce today that the Coalition will sell Medibank Private and use every dollar from the proceeds help pay down Labor's debt.”

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