As public health spending climbs to record highs, our new report finds that nearly half of all public health funding—$14.8 billion (46.4%)—is now funnelled into the private sector.

With 80% of new public health spending over the last two years captured by the private sector, our new report reveals how public money is driving corporate expansion.

Public funding is now delivering windfall profits for the private healthcare industry. Pre-tax profit in the healthcare and social assistance sector more than doubled since 2020, from $2.2 billion in 2020 to $4.5 billion in 2025.

Much of this expansion is being supported by expensive and unaccountable private sector borrowing, serviced from public funds. Corporate ownership chains for major health providers now span jurisdictions like the Bahamas, Luxembourg, Singapore and the Cayman Islands.

From general practice to private hospitals, diagnostics to aged care and home support, detailed case studies expose how profit is extracted from our health system, calling on government to invest in public capacity.