More than $120 billion was spent on health goods and services in Australia last year, according to a new report.
The Australian Institute of Health and Welfare (AIHW) found that an average of almost $5,500 per person was spent by governments, health insurance companies and individuals on all aspects health in 2009-10 – including hospital funding, research, dental work and prescriptions.
The total is equivalent to 9.4 per cent of Australia's gross domestic product, an increase of 1.5 per cent on the previous year.
According the AIHW's Health expenditure Australia 2009–10 report, $36.6 billion – or 30.1 per cent of the $120 billion total – was funded by individuals, private health insurers and other non-government sources.
Between 1999-00 and 2009–10, Australia’s expenditure on health in real terms (after adjusting for inflation) grew at an average of 5.3 per cent each year, compared with average real growth in GDP of 3.1 per cent per year.
This also comes after the Australian Institute calculated that each person spent an average of $900 on out of pocket health expenses last year. Those looking to purchase private heath cover may benefit from utilising a health insurance broker.