Treasurer Scott Morrison & Craig Drummond, CEO of Medibank Private - Interviewed by Alan Kohler

Published: October 28, 2016
Federal Treasurer, Scott Morrison, discusses his views on a range of financial issues, including the possibility of reducing the deficit during the need for fiscal stimulus.
Medibank Private’s new CEO Craig Drummond gives his first in depth interview and outlines his pro-active approach to meeting the challenges of the country’s biggest health insurance provider.
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Transcript:
Alan Kohler: Sometimes you just can’t get enough of a good thing and one spotlight isn’t enough. So, this weekend we have got two for you. First to step into the light is our federal treasurer, Scott Morrison. He’s been in the job for a year and a month, during a period when central banks have thrown their hands in the air because their economic policy isn’t working. So, can he introduce some fiscal stimulants while continuing to reduce the deficit?
Scott: I think our challenge is to get expenditure under control and make it sustainable so that we can ensure the budget position can be maintained but the growth that will come from stimulating private investment by encouraging private investing, having the right stepping for private investment. I mean, much is made of public demand but what about private demand?
Alan Kohler: Mr Morrison also has some interesting reflections on his own philosophy and whether he’s a libertarian or a pragmatist.
Scott: I describe myself as a pragmatist actually.
Alan Kohler: A pragmatist.
Scott: I’ve always been that wants to see the economy grow. I mean, I’ve obviously got you know I’m on the Conservative side of the stray in Politics. I tend not to go to all sorts of labels.
Alan Kohler: Also in the spotlight this week is the new CEO of Medibank Private, Craig Drummond, in his first in-depth interview since taking up the job in July. He’s just overhauled the top executives at Australia’s biggest health insurer, in an effort to improve customer service and meanwhile the ombudsman came out last week and confirmed his customer service problem. Saying that 40% of complaints were about Medibank Private.
Craig: Can we do better on transparency? Absolutely. You know, the governments suggestion that we move to a gold, silver, bronze policy regime, we support. I would say, and I’ve, as I said, I’ve only been here about three and a half months, I would say in that three and half months, I’ve really got a much stronger appreciation as to how the complexities of the industry. The complexity of the products that we’re offering as an industry into consumers. It’s not straightforward.