Queensland Nationals Senator Barnaby Joyce is happy with the outcome achieved today which assists in Medibank Private staying in Australian hands.

Individual share ownership of Medibank Private will be capped at 15% for 5 years from the proclamation date in 2008 through until 2013.

“The Nationals have worked to prevent Medibank Private from being owned by foreign hands and this legislation bears the fruit of our party’s effort. A broad base share registry will be established to keep Medibank Private in Australian hands.

“The Nationals were very concerned about Australia’s largest private health insurer being moved off-shore and this legislation will prevent it from happening. This result is a long way from the impending initial result of the sale and is a win for all Australians.” Senator Joyce said.

“Australia’s Free Trade agreement with the United States prevents legislation banning foreign ownership of Medibank Private. This is the next best option for keeping Medibank Private in Australian hands.

“The National Party was instrumental in obtaining this result and has lobbied from the outset for the cap of 15% and 5 years. The commitment to Medicare remains unchanged by the sale of the separate organisation, Medibank Private.”