Abbott to sell Medibank

[i-need-a-martini]

There goes the benchmark that keeps our insurance premiums at a decent level.

I don't even understand why this is even necessary given that Medibank makes a profit? It's as if decisions are being made without any thought goig into it other than they promised to do it in 2007 so this is their way of punishing voters for not voting for them in at that time.

What other reason could there be?

http://www.smh.com.au/federal-politics/political-news/abbott-moves-towards-medibank-private-selloff-...

[*crikey*mate*]

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@amber-eyed-girl wrote:

That is just so wrong.

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or did you mean it was wrong that Klim didn't belong to me Queensland?

Cos yes, that is wrong.

But nature messes up occasionally.

[amber-eyed-girl]

We were at the same schools Crikey 😛

he is older than me

but same schools

and the same Uni

if I'd known you wanted him I coulda tried to butterfly net him for you...

[*crikey*mate*]

sometimes life is unfair

[spotweldersfriend]

OK I'm listening folks Due to public demand,the sale of W.A. and Qld is off the table.That still leaves us with a revenue problem.So how about pokies in high schools? Do I have support for that idea? Maybe we could lower the drinking age and put bars in there too.Its not like they're going to get a job when they graduate anyway:-)

[amber-eyed-girl]

But where will they get the money spot?

their parents?

back to the drawing board

[*crikey*mate*]

well no one has defended WA yet - submitted a reason to save it

Runs>>>>>>>>>>>

stick em all in a pool when they're young, join nippers - we'll have a land of hot looking lifesavers that the tourists will flock too thus increasing our tourism export.

or - direct em all towards IT, that is easily exportable from your lounge chair or the closest pokie machine.

..............................

As disappointing as I know that it is to see an industry die (wrong thread) in a way, I think that's ok - I like the idea that kids in the future may not have to work so physically hard in horrid conditions - as I said to mine, better to work with your brain, sitting on your bum in an airconditioned office than to have to do manual work in the stinking heat.

[*crikey*mate*]

(When one of mine was younger, his ambition in life was to be a Stop and Go man)

he'd have been hopeless, woulda got run over! He can't use a zebra crossing far less allow him to play in traffic!

[amber-eyed-girl]

Crikey, you missed my post about the outsourcing of finance and IT?

to overseas centres, or through the importation of cheaper "skilled" professionals, costing Aussies jobs?

it is happening right now, in the banks, the insurance companies, telcos

it is not just manufacturing that is dying for Australians

I had a hollow deathly chuckle when I saw that IT was being put forward by the media today

[i-need-a-martini]

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@monman12 wrote:

INAM: "so this is their way of punishing voters for not voting for them in at that time." Actually INAM it has always been the Coalition policy from Howard's days to sell Medibank.

Fine to think about selling it off in the 'bad old days' when it was unprofitable. But since Howard promised to sell it and even since Abbott went to the polls in 2007, the institution has made a profit. Wouldn't that be a bit of a game changer?? Why sell something that is profitable?

There is no compelling policy reason" for the government to retain ownership of Medibank, which operates in a competitive market against 34 other health funds." It  also makes sense to free up funds ($4 billion)  for other uses/investments (assets)  that could be in the taxpayers interests, because government here should not be running businesses.

Umm? Hello?? It is not a drain - it makes a profit. That's how a GBE works - you put money into it to operate it and it returns you a profit. If I recall correctly, last year Medibank Private returned the government a profit of $400m last year. That figure was expected to grow significantly yearlly and long term. Not exactly a drain on the governments pocket is it?

Finally: "UNION heavyweight Paul Howes has urged Labor to back the sale of Medibank Private, saying the party must slay sacred cows such as its stance on selling public assets.  Mr Howes said Medibank Private "is not a price leader in that market, it's more expensive than many of its competitors, it does not have a monopoly of that market".

Paul Howes also fails to note that Medibank Private is the only insurer (that until recently) insured those items that most funds wouldn't cover. It was also always a benchmark for the private insurance industry and a heavy lobbiest against regulation changes that would have given private insurers free reign in an unfettered market.

I suspect that Abbott motive behind this is the same motive behind all of his dumb decisions - Medibank Private has always had the backing of various unions and most significantly the ACTU. His fear of unions is palpable and downright ridiculous.

[amber-eyed-girl]

I agree. It is making a good profit, and should be a rethink.

but the fact it is profitable just appeals even more. Like the sell-off of the Royal Mail in Britain which was a disaster.

grossly undervalued and not a good idea.