DEAR News Of The Area,

THE recent Private Health insurance industry increase in premiums by 3.73 percent, which has been “negotiated” with the federal government, raises an important question.

When does profit become greed?

In the 2022-2023 financial year the average profit from all private health funds was $2.2 billion, with profit increases as high as 110% in one case.

It is my belief that profit becomes greed when financial gain is prioritised over fairness, ethics, and the well-being of others.

Businesses need profit to survive, grow, and innovate, but when profits come at the expense of employees, consumers, or society, greed takes over.

For example, if a company makes billions yet underpays workers, raises prices unfairly, or cuts essential services to maximize shareholder returns, profit has turned into greed.

When executives receive massive bonuses while customers struggle to afford necessities, ethical concerns arise.

Greed is also evident when companies manipulate markets, exploit loopholes, or lobby against regulations that protect consumers.

If profit drives decisions that harm the environment, limit access to essential goods like healthcare, or create economic inequality, it is no longer justifiable – it becomes excessive.

Sustainable and ethical businesses balance profit with social responsibility, ensuring long-term success without exploiting people or resources.

Profit is necessary, but when it disregards humanity, it turns into greed.

Regards,
Bill DORAN,
Tanilba Bay.