In 1976 , the Fraser Government introduced a 2.5 % levy .
In 1976 , the Fraser Government split Medibank in two : a universal scheme called Medibank Public and a government - owned private health insurance company , Medibank Private .
In 1976 , the Fraser Government introduced a 2.5 % levy and split Medibank in two : a universal scheme called Medibank Public and a government - owned private health insurance company , Medibank Private .