Medicare is the Australian public healthcare system, what did Australia have before it existed.
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1Seems to be more on topic on History.SE, but would likely be closed there as the question avoids even the most basic research.– user4012Apr 5, 2016 at 14:44
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Prior to Medicare was Medibank, initiated by the Whitlam Government and one of the policies that resulted in the double dissolution. It was eventually implemented in 1974.
Prior to that, there didn't appear to be any standardised public funding (except for QLD which apparently did have a universal free health care program).
The following Wikipedia article should give you a good place to start for further research.
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As of 2014, yes it is now a fully privatized entity listed on the ASX. Here's a link to the company history (medibank.com.au/about/company/overview/history) - it's a bit like "Grandad's Axe" - the one that's had three different heads and the haft replaced four times but is still the same axe...– user7754May 26, 2016 at 23:06