Private health insurers announce premium rises after Albanese government approves increases

Mark Butler says premiums will rise by 3.03% on average, as some providers outline larger increase

• Follow our Australia news live blog for latest updates
• Get our morning and afternoon news emails, free app or daily news podcast

The federal government has approved private health insurance premiums increases amounting to an average of 3.03% this year, but already one major insurer has said their prices will rise by 4.1%.

The health minister, Mark Butler, on Tuesday announced the annual rise in private health premium, three weeks before the price changes come into effect on 1 April. He said the 3.03% increase, which was the average rise across the sector, was lower than annual rises in inflation and wages, and had been decided after “considering [insurers’] years of record profits”.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup