I'd just like to acknowledge the traditional ownership and extend my respects to our elders, past, present, and Indigenous people here present today Thank you. In Sydney today, and thanks to everyone joining us online, Medibank is positioned to lead and grow as a health company. Thanks everyone for hearing our presentations. While we aren't sharing any updates on private health insurance, you can learn more about our private health insurance, our health business, FY 2028 milestones, and we'll also be sharing some about shortly. The format today will have a number of presentations. We'll then reconvene for some more presentations and a session at the end of the formal presentations before we have joining us in the room. We will have some immersion sessions. There are four in total. A sticker on their badge will help you navigate where you're supposed to be, and then the day will conclude. Thanks again for turning over to David for the first presentation. Thanks, Collette. Good to see you all in Sydney. We're supposed to be a place with good weather. I think I got a, yeah, welcome and thanks today. We're really looking forward to spending some time with you all today. Medibank is positioned to lead and continue to grow as a health company. Our focus remains, and you'll hear us talk about this a lot today. Our focus is to grow earnings and transform health, and this is how we create long-term. We thought it was a good time now to have this growth in the Medibank Health segment and given the contribution in the last result, and certainly when Mark and I and Collette have discussed spending more and more time on Medibank Health, the interest is definitely growing. For us to showcase what we're doing and our next aspirations, and we'll come back to this again, we've issued today three aspirations, which are, one, to significantly increase Medibank Health segment earnings to at least AUD 200 million. Two, to maintain our leadership role, hold a market share each year in a disciplined way with an aspiration share in FY 2030. Our growth in today will support this aspiration for our core business and including how we generate more value for this segment. As you know us, we will continue to look at opportunities which are commercially sensible. Lastly, people we engage within their health and well-being aiming to support around 10 million people in their health and well-being by FY 2030. With the support of our people and our aspiration to be the healthiest world. As Colette mentioned today, you will hear an overview of the opportunities and challenge system today and our strategy to respond and grow. Firstly, an opportunity to us, which is very important as a context to our overall strategy, and examples we've researched and seen firsthand in trends in the market, particularly around how technology will help drive the health. Second, we'll provide you with some deep dives into our three Medibank Health. Third, Mark will talk about how we create value, and I'll come back to the system and drive system change. In Sydney, we'll have our health showcases, which is an opportunity to bring innovations we have already in health. I think part of the day here directly from many of our leaders across the business, which is fantastic for them and fantastic for you, and they'll all bring both today and in terms of what we're focused on with our strategy. Australia, many of you may know this, some of you may not, but as you've heard me say, we have the best health systems in the world. We definitely punch above our weight when it comes to access to treatment, and unlike many health systems around the world, we're anchored in a foundation in Medicare and the public system, and those two systems working together are, in many ways, I think it's a reason why we are alike. Sort of three things that come to mind that I think about that make us different now. We're a global leader in health outcomes, and we have a proven track record in health innovations in treatment, and that. Second is the way the public and the private system work together and set us apart from many around the world through the pandemic. Access with health prioritized to those that are in the private system, offering choice and coverage for both residents and the community. Uniquely, more than half the population have private health insurance in this country. Many of us know that the private health sector delivers around 70% of elective surgery, more than half of mental health admissions. We spend around 10% of GDP, which on the world stage is only slightly above our average. In short, the Australian health system combines affordability, universal access, and choice, but it's also complex. Our system is world-class today. There are ever-widening trends. Rising consumer need and expectations are simply outpacing the system's ability to adapt. Increasing demands are well known, and we'll talk about them today. An aging population, increasing rate of people with chronic conditions, growing mental health, younger adults, and an increasing desire for health solutions. The challenges are real. Low private hospital capacity, which has seen a large reduction in hospital utilization, pressure on the public system, causing increasing ED and surgery delays for elective surgery. Already higher than the OECD average as a percentage of GDP. The latest projections are they will double by 2030. We have workforce challenges. Professionals around the network, they just don't think the system is the way that it needs to. Overall, productivity in the country is sluggish, and Australia has been slow to adopt the world. In summary, consumer needs and the cracks in the system are at risk of becoming chasms. Why does this matter? The situation is, but opportunities for Medibank. However, we have a unique opportunity to transform health in this country and together create a health system everyone can be proud of. As you know, the team at Medibank, so where to stay? Yeah, we think about the health transition in terms of four shifts that will drive productivity, improve experiences, increasing demands of the future. These are the shifts we need to move from treatment to prevention, from hospital-based analog to digital, and from generic to personalized. As I've said to many of you before, these shifts are not new in health, but they're relatively new in Australia. Countries around the world. In many ways, we're simply in catch-up mode, which in some ways is good because we have the luxury of learning from others. Here to me is the countries that are failing to make these shifts. Success, reduced health outcomes, increasing variability in quality, and increasing costs. I'm worrying that this is what we are seeing more and more in Australia. We're at, and we simply can't move fast enough. Challenges and opportunities create clarity for our vision and our strategy. Right now, I'm going to pass to our Medical Officer. He's going to talk about some of the international examples of these shifts, and then we'll hear from Felicia, who'll talk about how technology and to drive in these shifts. Then you'll hear back from me a bit about our as Medibank. Over to you, Andrew. Go well. Thanks, David. It's great to be here today. What I'm going to talk about is a number of the exhaustive or the only examples. There are some that we think have got particularly interesting points that are worth talking about and also have direct. That we need to see in our healthcare system that we're really passionate about. The treatment to prevention, and this looks at South Africa. The key issue there really was the need to build countries in their position, build a primary care system to actually make. There are always some nuances in this, and for South Africa, which fortunately for us, although that may change with vaccine hesitancy, but fortunately for us, we've kind of passed that. Chronic disease was also a very big investment centrally by the government to create the country. We can see the outcomes. The very significant increase in life expectancy and a very big strengthening of primary clinics set up around the country, which are sort of multidisciplinary. There are some key lessons there. I think it just highlights the value in that. Funding is really important to think about with some of these transitions. Funding to move from system A to system B is something we, I think as a country, we need just to go from A to B. The move to multidisciplinary care in primary care is super critical, and that's done. Now, the second Singapore. Singapore has an absolutely world-class. Did pretty much all of them over the years, and they're amazing. What was not able to actually see get care in the community. Initiative in Singapore to actually recognize that and structure. One of the things they've done, again, looking at the funding model, service system in community and primary care, which they had 10 years ago, to one that's now much more capitated and based on sort of a TQR and what disease burden you've got. That's made a demand. They're not building any more hospitals, and again, an expansion of private. One of the underpinning things then is that shift to a blended payment model and reinforcing the need for that more of that in our country. That trend David talked about, the analog to digital, and the example we're actually very excited about and quite another spent some time there last year in Sweden with CRI looking at what actually incredibly impressive. If you look at overall digital consults in primary care, at a broad brush level it's 10%. If you look at the leaders in that space in Sweden and CRI, which is one of the academic institutions, the Karolinska Institute, they're at around 50%, 40% real-time, 10% asynchronous. That's, I think, an ambition we should have in our country that we moved. Underpinning digital infrastructure, and Felicia will talk a little bit higher to actually enable that. That's a really important point. We've got very patchy digital foundations at the moment. We need to build on that asset access that the digital channels can actually do. Omnichannel, multichannel. David and I were chatting about this before. We don't talk about that. It's just an expectation. You go, you're met where you want. That's not the case, unfortunately, at the moment. The last one range, and I'm going to say the NHS is doing something good because generally our problems that they need to deal with. One area they're way ahead of us is actually looking at that move from generic to personalized or precision medicine. One of the key underpinnings, and that's something that's going to come rapidly at us in Australia. They have actually rolled that out across, focusing on people with rare diseases. We have genetic tests that are available. The uptake of that is them, including GPs. There is a real opportunity for us to move into that precision personalized medicine, but on the right-hand side, it's got to be embedded into the existing care. It needs to be implemented and rolled out within. You need to align the funding with outcomes, and that just hasn't happened at the moment. Of some of what's happening around the world, I'm going to hand over to talk a little bit about technology. Thank you. The big arrow. The very big green arrow. I see only a few familiar faces. I haven't met all of you. I joined Medibank last year as the Group Lead for Technology. This morning, I have the pleasure of bringing to life some of the shifts that Dr. Andrew Wilson just talked about through the lens of technology making these shifts possible and also some of the clinical benefits. I'm also going to use some really spoilt for choice in health tech in terms of the examples I can spend a bit of a mix across different geographies, use cases, and state. Some of the examples that I'll talk about, we've met, we've engaged with, but just to reinforce, it's only a snapshot. Technology that is shaping care today and into the future. I'm going to talk about from treatment to prevention. Health systems really require three things: strong guides and digitally integrated care pathways. This shift from what we've seen is really already underway. Analytics opening the door to earlier risk identification and also to more targeted and proactive care. Now, what we're seeing is that emerging technologies are helping us to support earlier and more targeted interventions. In terms of examples, Open Up and I Practice, we had this year on the study tour that Dr. Andrew Wilson talked about in Amsterdam. Mental healthcare. Open Up is a digital mental to provide more preventative psychological support through. I Practice is a psychological service, both in-person therapy as well as online consultations. What ends up happening is Open Up is sort of the frontline, then the clinical follow-up happens through I Practice. Essentially what that means is that when they use across this, what we're seeing is that it's reducing the need for acute care. Shift from reactive treatment to sustained well-being. Here in Australia, in Melbourne, in fact, offer more personalized preventative healthcare through advanced diagnostics and clinical support. They have what we call design, so it's a little bit more plug and play, and they use AI-enhanced clinical workflows. They're starting a platform that combines advanced diagnostics with the use of AI markers earlier, and that can help guide personalized prevention plans. These examples really point to a future where prevention is guided by individual risk and delivered in partnerships with clinicians. In terms of from hospital, transitioning care to homes and community really requires care models that extend. This needs to be supported by effective workforce coordination, remote monitoring. While hospitals will always remain, within the next decade, what we expect to see is that home and community are the center of health. Things like edge computing, home systems, they're really making this happen. Looking at Singapore and bringing to life some of the age work too, Shine Seniors is helping to support independently. It leverages things like, we'll look for things like movement and sleep, and even if it's medication. It uses IoT middleware, so it's trying to detect those early signs of health decline. Another from the Netherlands that we met, we met their founder, in fact, who's a leading in Amsterdam, and he founded a network of specialists. What it does is remote cardiac monitoring, and it focuses on, and it uses wearable and home devices such as ECG and blood pressure, so they can be monitored from the home. What happens is that clinicians will step in when needed, pre-planned appointment and not really needing to see your cardiologist at that. These two and many others point to technology in a timely and appropriate way, often from home, and we're seeing it's an easing clinical load and also freeing up some of that clinician and that system capacity to focus on acute cases. The shift from analog to digital, this moving from paper-based and completely disconnected systems to the use of things like secure digital identity, interoperable assistance, and what that's doing is connecting sort of every access to patient histories. This is already seeing a measurable drop in the amount of time on admin, and also what that means is they can spend more time with patients. It's U.S.-based. It's a digital enablement platform. It's helped their shift from analog to digital by enabling secure interoperability across hospitals and clinics as well as digital apps. It has an API-enabled data exchange on both cloud and hybrid or private. Here in Australia, Heidi Health, it's a local innovation and streamlines workflow in primary care. We use it in clinics, and it's essentially, you can think of it as almost a scribe. It listens to conversations with clinicians. With my son, with one of his clinicians, and they've used, it generates things like structured clinical notes really quickly, referral letters, summaries, and billing codes as well. There is that care can become continuous instead of being fragmented to work to their full scope of practice. Direct to personalized. Advances in genomic and digital triage are really making precision medicine part of everything, like the identification of inherited risks earlier, and also things like matching medication to your genetic profile. Care really personal, but what it needs is data and things like clinical history, diagnostics, genomics, lifestyle factors. All of this comes together, and it needs data that is accurate at scale. As Andrew alluded to before, it requires infrastructure that can apply these complex data sets in real time. Talk about the U.K. again. Andrew did. This is a national initiative that links genomic data, doing things like lifetime prescribing alerts, and it helps guide medication. The NHS is testing secure integration of genetic data into the goal of improving outcomes and then reducing things like through really personalized prescribing. Where we also went last year is a biotech startup. They also use donated human liver tissue to develop those sort of disease-driving genes. The goal and their stated goal actually of reducing the need for a transplant. All of these showing that precision care is bringing the focus back to the individual around biology, not broad averages. Biology today is really, once again, just a glimpse of what's out there. It's such a vast landscape, health tech. It's global system-wide tools. Some we've engaged with directly. We see as opportunities for broader collaboration with key stakeholders and outcomes. While all these possibilities are just real progress depends on really strong foundations, fluent security, and really deliberate choices around ethics shape responsible innovation. Technology isn't replacing meaningful, freeing up clinician time to focus on people, not answers sooner, and patients' care that feels personal and experienced for patients, their loved ones, the professionals who care for to truly connect it. David? I think we wanted to showcase a little bit and connect with internationally to both share with you today, but also it'll help you understand how confident solutions that we can employ and actually are employing to drive these shifts. This won't be the last time we share these case studies. As I said before, understanding that we shift on an international confidence, and we can learn from others to accelerate the transition that we. Now I'm going to talk to you a bit about us and how we're responding. For those of you that know us well, new news, but some of you know us less well, and so, and how we're really thinking about our role in the health transition. Company, we're almost 50 years old, and we're going to create the best health and our health insurance is our core business, and we offer that in the health insurance sector. We're the largest health million customers through our two brands, Medibank and AHM, to others, in part by our dual brands. On delivering more value, choice, and control to, we partner with hospitals and health professionals to drive the health transition. One of our key points of difference and services that we provide outside the health insurance segment is about health, well-being, primary care, and community. Why does this matter? As I said before, it enables us to strengthen our core insurance business and enables us to provide more support to our growth in insurance. Of what we shared today, it enables us to catalyze change in the system and the health transition. Our strategy, as you can see there, and they remain unchanged. This is how together we're building a stronger, growing health company. These investments outside health insurance are not new. The business has started to invest in health services. In the last 10, we've invested more than AUD 300 million. I mentioned before. Over this time, insurer to a health company. Together, these investments are a leading partner in health, supporting around 5 million people in their health and well-being across both the public and private system. We've thought about this support, how we can support customers through their whole journey in health. They better and get better. You'll hear more about customers and providers from Milosh and Rob. It's considerable attention to how we don't just replicate what's happening in health investments. It's how we can connect these investments and to drive better experiences. We help our customer management every day prevention and rewarding healthy behaviors by supporting patients through our multidisciplinary primary care network. We help them get better when they need it the most. In high, our growing network of community and acute care services, including and with our broad network of partnerships. Private systems with corporates, universities, governments, and private supporting the needs of the community across their. I think what sets us apart now and the foundations we've built or more is our credibility and strong relationships. What really sets us apart, our track record of innovation, the way we localize our service to where we're employing to connect this infrastructure. For providers. From what you've heard already from myself, Andrew, and Felicia, Milosh is next. Under pressure. There are four big shifts we need to make to drive the health transition. Global evidence, case studies provide us confidence that these shifts deliver and given our clear strategy, our proven capabilities, and our Medibank's well-positioned to lead this change and continue to grow. We're going to move into the next section of the day from many of our team to understand what we're doing in health, to understand how we're going to drive growth and value. I'll come back and share our 2030 aspirations. For now, I'll hand over to the meeting segment and followed by Rob, who'll share the role of shaping our strategy. It's over to you, Milosh. Sorry. Thanks, David. My name is Milosh. I'm the Chief. Force you to pronounce my last name. My kids struggle themselves. I really think in the well-being segment and also where we're going over the next few years. For starters, the well-being segment is big and growing. It's over. Within the specific categories we're targeting, we estimate they'll grow to 2030. Within that, there are a couple of fundamental segments into the future. Firstly, consumers are all parts of health and particularly health outside of the core health system. They are increasingly being interested in health spend and how their prolonged we're really benefiting from that. Second thing is there are a range of lifestyle countries also getting much worse. Third, from our interest in supporting the general health and well-being of their people and in particular mental health, and they're facing increasing pressure to drive engagement. Also, handle some of the new regulation in psychosocial safety that's recently leading to further acceleration in the interest in general well-being within customers are still struggling with affordability, looking for value and peace of mind to look after their lifestyle of the family and the well-being of their families. All of these across the well-being segment are. They help us support broad customer journeys across insurance value proposition and the amount of needs and problems we can solve for our customers. Tilt to the preventative care spectrum, as David, Andrew, and Felicia outlined, and really allow us to address those risk factors early on and in the future. As an organization, we have a range of advantages that help us where we are today, but also in the future. Firstly, we're Medibank and AHM that have shown a lot of trust and growth. We have a large health insurance customer base, and that we've been growing in the last few years. Lastly, we've got a track record now, launching new propositions and scaling to tap into different parts of the world. As I travel around the country and meet a lot of our frontline teams, it's becoming enthusiastic they are in solving our customers' healthcare problems across the continuum. They're progressively having more and more conversations that cater to well-being, but also. If we get into some of the details, be as familiar to a number of you. I'll take you through a little bit of categories and verticals within well-being. Within proposition is Live Better. This is one of the largest health and well-being platforms in the country. It really offers great health incentives and rewards for healthy behaviors, and it has health and well-being partners and brands that offer additional value and broader engagement opportunities. Over the last year or two, we've progressively backed everyday prevention programs that start to more directly address some of those talked about. In corporate health, we've got to try and address well-being and health needs of corporations in the workplace. We have a rich history of data and insight support to make sure they're targeted and deliver the best value. Progressively, we're linking with GP and virtual psychologists, which Rob will go through in a bit more detail. As I mentioned, there's a lot of corporate need, but also the psychosocial safety. We see those really corporate health for a number of years. In financial well-being, we've been in for longest. We progressively are providing more and more to our customers that represent really leading value in market, but also offer a one-stop shop to our customers to what really sets us apart across these. All of them have established platforms that support growth. We're potential value in markets. We're not just trying to do a me-too sort of proposition. All of these really link to the brands and the propositions and offer unique head start. We've got a leading range of partners. We've got momentum commercial capability of how we run these businesses and continue to grow in sustainable ways. Trust the customer relationships that support the growth within the well-being segment and how we can solve those customer needs, but also are reinforcing well-being needs and problems for customers. The more those relationships are stronger. If I then jump to the next slide, I'll overview the last couple of years. We've built strong momentum across digital growth across the metrics you can see on an annualized rate. Value to customers, strong relationships, and progressively tapping into new. That scale momentum is built across the three categories. In excess of 900,000 customers engaged in Live Better. As I mentioned, the everyday prevention programs have reached 270,000 in the last financial year. Also in the last financial year, our customers are in value through Live Better, and it continues to grow monthly. These are used for things like offsetting health insurance premiums and also supporting the health experience of our customers through the Live Better platform. I'll speak to customers that have incredible stories around how they've transformed their general. One customer recently noted that she's redeemed three of the last year or two, and it's really rekindled her passion for running and other customers were very engaged in the everyday prevention programs. Through her back pain and mental health, she also was feeling a lot more confident. This really encourages us and reflects how important Live Better is at really supporting our customers in the way that they want. In 14% of our corporate relationships, including health services, this really reflects a high over 20% growth rate over the last range of services. The services are quite broad. They could be digital or on-site, things like online doctor or health checks. Increasingly, we're running a lot more social events with challenges and competitions that really build our role in how people relate and how they collectively look after their well-being in the workplace. On financial well-being, we've grown to in excess of 340 well-being. As I mentioned, we focus on creating leading value for our customers. Customers respond to that by engaging at a really high rate with financial well-being. They tell us that they consider our role in financial well-being a really natural extension across the Medibank and AHM brand. If they're taking out travel insurance with Medibank when you're outside the country, that represents really health. Those that take out pet insurance to look after their health reflect on how natural that extension is and how it reinforces and also represents the role of us being much. In addition to these categories, we are increasingly connecting these across the well-being segment and other segments we operate in. If you look at corporate health, significantly over-indexing engagement in things like living. We're also progressively embedding financial well-being experience. Lastly, Live Better with its anchor source of really targeting enrollments into clinical prevention and virtual health consults, which Amplar provides for us. Rob will take you through progressively playing a role at being a gateway in health needs being addressed end-to-end. This is an example of how we've evolved under these different categories in well-being. In the first couple of years, we really focused on building value, but also with our customers and in the platform. That led to an improvement in retention. In the middle years, we focused on expanding our partner ecosystem, making sure we had a lot of ecosystem that improved integration. We strengthened incentives and how the relevant experiences are much more integrated across. Not only boosted value to customers, but improved how we can commercialize customers and our partners. In the last few years, we've in everyday prevention programs. We've also boosted challenges that are supported by various media and also in-person attendance and things. They've helped us strengthen differentiation in the Medibank brand in particular, driving customer joins and also addressing some of those risk factors that help the future. All of these, as you can tell, strengthen customer earnings growth in the Medibank Health segment. Based on that platform, where we're going, we really have customer engagement, customer volume, and market share in what are there are a couple of themes in particular across this whole segment that are increasing the growth in customer relationships beyond PHI. These are customers that don't have a health insurance product with Medibank or Live Better corporate health or financial well-being services and products. The second thing is really broadening the number of customer needs we solve under each of these categories. Together, we estimate that it'll help us drive basis on a number of the metrics for the next three years. Live Better, our focus is going to be expanding the role of Live Better. That's health insights, health advice, and everyday prevention. To personalize that health experience, not just in Live Better, but beyond in all of the health. We also want to accelerate that growth beyond PHI. The really great momentum of some of the pilots we've run over the last few years. Leverage that strength we have in our partner base in Live Better and elevate Live Better into a broader health and well-being marketplace with various other ways that people can engage in that marketplace to solve more needs and create more value. With this, we expect customers to Live Better to total about AUD 1.2 million and over. We've had that track record over the last few years that supports that momentum. Really, the scaling corporate health is going to be underpinned by a focused EAP and workplace well-being. Almost every single that traditional EAP is no longer fit for purpose. It needs of their employee base, and it's not meeting the needs in mental health and physical health. Envisioning EAP and also integrating support for health. As a foundation, we're going to continue to strengthen insights and those interventions support very targeted so corporates can maximize the value they're getting for their patients. We also want to make sure we strengthen integration between also into the core health insurance offering we have for corporates. We'll accelerate our growth in corporates and lead to over 20% of our corporates having a health. We envisage growing health-only corporate growth of health insurance. In financial well-being, customer growth in financial well-being, we want to strengthen well-being and introduce increased rewards for loyalty within financial customer needs and growth. A foundational underpinning of that is personal insurance platform. We've seen really great momentum in AHM over the last health insurance and non-health insurance customers. We believe we'll add another 100,000+ policyholders to financial well-being to create a customer base and policyholder base in excess of 440,000. All of these opportunities, and that will continue into the future, supporting differentiation brand and also supporting direct growth. What well-being other than I'm in front of you talking about it. Firstly, to scale growth platforms across well-being that are delivering some of the examples I've shared from our customers are painting a more. As I mentioned, we've got a growing and very strong ecosystem of partners in a great position. That not only delivers direct customer and in well-being, but it also strengthens our core health insurance. It's supporting acquisition. It's supporting retention and in terms of preventative healthcare. Our strong and customers beyond PHI. We're seeing how our presence in well-being and that growth in customers really drive our brand metric. In Medibank in particular, over the last 6 to 12 months, we've seen real inroads in prevention and mental health that are really resonating with the whole market, but into attracting in private health insurance. Track record in delivering innovation and scale in the well-being segment. We've got an indication on for the next few years that we feel taps into the business and to grow. Looking forward in the next three, by 2028, that will help transform how Australians embed well-being in everyday life for not just our customer, but all of Australia. That is frankly very motivating for me and the team. Rob, to go through primary care. Thanks, Milosh. Welcome. For those that I don't know, my name's Robert Read. I've been with Medibank for just over three years. Prior to that, I was equity and global pharma before leading a digital health business. Australia, U.S., and U.K. Amplar Health. We deliver local care at public and private systems. We support a wide range of corporates and to other private funders of health, with around from supporting the Medibank customer base. Today, my presentation is going to be split in two. We'll talk about the two segments before the break and community and acute afterwards. Medibank doesn't fund general practice. I often get asked, well, on scaling primary care. Primary care is the care that people first get in the community. It's not just GPs, physios, and other allied health across. In fact, primary care is critical to the, it's also an attractive segment for us. It's worth AUD 70 billion, nearly 200 million interactions between GPs and there's a significant opportunity to improve the customer proposition, better healthcare in Australia. This is why we want to, we're starting from a strong base. We have one of the largest national, we expect to continue to grow that. Like most parts of healthcare, though, there are challenges. FTEs in primary care, years, but demand has increased. For four days, and out-of-pockets have increased about 5%. We all know the adage, prevention is better than cure. Prevention is 14 to 1. As David said, we have one of the lowest nations. We expect this investment to grow. An example of preventative health that I wanted to share. Today in Australia, there are about half a million hospitalizations every year as a result of a cardiac admission. Of people who need cardiac rehab don't receive it. For those that don't receive it, 95% of are accounted by that cohort. That's why we've combined the care network to run our heart health at home program. Cardiac nurses and an app delivers as good or better cardiac rehab. I was really proud when this heart journal earlier this year. We have strong foundations in both our scale and our channels. Options for patients from prevention, as Milosh talked about, to in-clinic care and care in the home. Also virtual. We do this at scale across the country, bringing these capabilities to you and experience for customers. We're improving practitioners to work at the top of their scope of practice and have more time to care. As you can see on this slide, our prevention services that we deliver to patients have now delivered 33,000 services to customers. We have deep experience in delivering virtual care, and we offer a variety of services to PHI, state, and federal governments, a day, seven days a week. Our multi-channel offers over 108,000 interactions every year with our PHI customer base. Our primary care clinic business, which is a very successful primary care business, operating 100 Australia. The scale of the health professionals that we have is over 2,000 health professionals delivering care, whether that be in the home or in a patient's home. Our primary care segment in FY 2028, firstly, to grow so we can bias towards prevention and have more members in. This will be measured by growing our prevention by 35%, including rolling out integrated propositions to attract customers and non-customers. Because we know, and as Milosh and David both referred to, over half of us have a chronic disease today. Through integrated pathways and virtual consults at scale. Cam Holland, who runs our primary care business, to bring this together. Our FY 2028 is to grow our GP consults to 7 million and increase the percentage that are virtual from 20% to 30%. Husker demand for this channel, helping local teams and wherever patients need it. The growth, our organic and inorganic initiatives leverage local healthcare teams to be more connected and effective. Care. We know that primary care is a, the recent bulk billing initiatives are likely to improve access. Challenges of affordability. More needs to be done to support primary care. Significant interest from health stakeholders on the trials that we're completing in Western Sydney with Myhealth that are taking the recommendations and putting them into actions. Dr. Mo will later showcase some of these and how they work. Primary care is an attractive foundation to grow and differentiate. As we do this and supporting the health transition. Staying better starts with affordable, accessible. This means people can be helped earlier, lower their cost of care lives. We want to connect to multi-channel continuum of care, which is all about reducing the barriers of care. Is one service. We understand them well enough to recommend the next service. Deliver national scale with a localized experience. We are, and we expect to grow our footprint to match our needs. Finally, driving system reform for us means to create better funding structures over time. Contributor to the growth of Medibank Health. We have to accelerate our ambition of a scaled multi-channel primary care business. We're now going to take a brief break, and then I'll come back and talk more about our community. Welcome back, everyone. Hopefully everyone had a good chat about this morning. Before the break, we talked about primary care and improved accessibility and innovation in that sector. We think about the health transition and making sure that people are getting the right care, our community and acute sector. It is all about, for us, supporting the second shift that David from hospital to community or home. Primary care and acute segment, the chronic disease and the health system's capacity. This is further challenged. Hospitals are a very expensive place to deliver health care, yet at AUD 1,500 a night, and outside of a hospital is a save to the system. A KPMG report that was issued earlier shows patients could safely receive hospital care at home. This shift could save the system AUD 6 billion in avoided CapEx from not having to build. For over a decade, in the workforce, governance, technology, and clinical oversight, partnering with funders nationwide to deliver high-quality care. A great example of this is the My Home Hospital Program Health, where we've delivered acute hospital to over 4,000 people over the last four years. To enable and integrate remote monitoring, virtual logistics to deliver a full hospital-level treatment at home, nurses, paramedics, and in-home diagnostics. What amazes people when I talk about this is that we can deliver a comprehensive care that you would expect in a hospital, such as oxygen into the home. It is really a different level of care. It's more convenient for patients. It delivers beds to those who need them most and is incredibly popular. It has an NPS approaching 9. Be at home, recover in the comfort of your own home with no visiting hours. It's a safe experience for patients, and the results speak for themselves. A third of the hospital-acquired complications than that part of the hospital. Sarah McCray, who leads this business, will be taking us through a deeper dive through the showcase. It is to support other challenges in health. For example, we're really looking to support people aging in their home. Numbers have us over 20,000 beds short in aged care homes, 2,000 being built each year. At the same time, people are going to turn 85 this year in Australia. In two years' time, that number will be over 60. Unable to meet the demand, more people will inevitably have to age. Yet of the AUD 12 billion spent on aged care or home care pack, that money is spent on clinical care. That's about to change. The Support at Home Program, which is launching in Australia next month, will overhaul home care funding. Specifically, the graph there, it's expected to grow from a AUD 400 million market by FY 2030. We believe we're well positioned. Our ability to co-design and innovate with funders is our capability, delivering hospital-level services in the home to 95% of the Australian population through our home care. These strong foundations give us the platform to expand care at home. We also expect patients to select ambulatory care settings. We think this will be demands, but also increasing acceptance by the health market of shorter stay options. Our community care sector delivers nursing and allied care into the. As I mentioned before, we can cover about 95% of the population, funded by private funders and home care packages, our partners or directly from consumers. You can see here a part of the business. Last year, we delivered our acute home health sector and rehabilitation services into the home, supporting these services include rehab in the home and hospital in the home. We're past five years, including providing a quality alternative of only having the option of inpatient care. It creates valuable synergies for the broader business, helping Medibank cover at home rather than in a hospital. These had delivered 24,000 income. I wanted to provide an example of another service called our transition care service. This has been doing in the My Home Hospital Program. Like bed block with nearly 300 patients who no longer needed acute hospital-level treatment for rehab or an aged care placement. No one wants to spend weeks in a shared hospital room when they could safely recover elsewhere. To solve this, we partnered with SA Health to launch the transition, converting a floor of the Pullman Hotel into a 24-bed My Home Hospital Program. It extends this model, but with patients in the hotel. A multidisciplinary team of GPs, social workers deliver care and support families to find patients return home whenever possible. We had a patient who was admitted to care with no return date. She was in SA Hospitals and needed an aged care placement in April this year. By May, we'd been able to find a patient in an aged care facility that wasn't possible when she was in the public system. Together, 70,000 bed days last financial year. That's a win for our health benefit to support the system as it grows. 10 years ago, this market didn't exist in Australia because of high out-of-pocket costs. We've invested in quality treatment, more affordable and accessible. In just five years, the share of Medibank patients receiving a no-gap joint replacement has increased by 10%. We've partnered with doctors to open four clinics to complete their rehab at home, which makes commercial sense for us and improves the patient outcomes. Great outcomes, shorter stays, and lower costs. Change with 41 hospitals now in Medibank's no-gap network. A hospital in queue, that's become Australia's first no-gap hospital. We have over 150 specialists providing care to patients at no additional cost. Investments, we can make surgery more affordable and accessible for patients and parents. We also have three mental health hospitals under our partnership with the IMH called IMH. We have three key objectives in this community and acute segment. We're going to grow with new regulatory funding. As a result, our FY 2028 milestone is to grow 45% to AUD 155,000. In the acute home hospital business, we will grow acute about 5- 10% of care that's traditionally delivered in a hospital delivered outside the walls of the hospital. In South Australia, the bottom end of this range. Our FY 2028 milestone of care assumes that that, over as the health system expands and grows and the need for these services expands, provide further opportunities for growth. Thirdly, joint venture hospitals. We have FY 2028. For us, this is important because this will mean that these hospitals have scaled well and the new models have been by both doctors, patients, and PHI funders. In closing, I wanted to highlight the sector. First, we're moving hospital-level care safely and costs the system less. Next, we're scaling across the consensual for driving the health transition. Thirdly, by we can help more patients improve how care is delivered and keep. Fourth, we're partnering with funders to co-design and innovate models of care. Over the last decade, we've learned that by investing in this segment, we can strengthen our business, but importantly, catalog the health transition. Thank you. I'll now talk about how this creates shareholder value. I'm Job and that's to work out how the slides operate. Recap to start with on the material we'll cover today. We've highlighted the need to change in health, the four system shifts that will enable and the really important role that technology will play. Three health segments are very strong and solid foundations in each of them. In this final section, you'll hear from David and I to deliver on our FY 2030 aspirations and how this creates value. Now, as David mentioned, we think about value-connected lenses. Firstly, growing Medibank Health earnings. Segments with strong growth prospects, including the opportunity to build million PHI members. These health interventions that we see in PHI and really importantly, secondly, strengthening our business with our PHI differentiation strategy and supports our PHI market. It will enable us to provide health services across the complete continuum of care. We'll proactively address claims costs across three lenses. Firstly, reducing better chronic disease management, managing claims complex disease progression, and probably most importantly, lowering healthcare costs from traditional high-cost settings to lower costs. Thirdly, and this will probably have the bigger impact, and David will touch on this shortly. Very quickly over the next few slides. On this slide, we've broken down the revenue gross profits for each of our three health segments. We're going to report on this report both from a financial and from a metrics perspective, and we'll share the former information in advance of the result. You'll see current gross profit very much aligned to the well-being. These areas are also our current areas of M&A focus. The Medibank Health FY 2030 earnings aspiration is going to require a combination of volume and revenue growth, gross margin, and our operating expense ratio. From increasing our number of health customers, meeting and at the same time broadening our services and our source of gross margin performance is going to arise some efficiency benefits, and it'll come from scale utilization and labor productivity. Very important. You've heard us speak a lot about moving to digital channels. As Felicia said, the benefit from investing in technology. Now, gross margin performance, that's gross profit we earn. There always will be a volume margin try managing to a particular margin figure. It's how do we actually optimize? We've invested fairly heavily over the last couple of years across the Medibank Health segment in the fixed cost, largely fixed cost infrastructure that's going to be our business. We've largely invested in the people and assets that we use. We'd be expecting as the business grows to see an improvement. Delivering on the FY 2030 aspiration for Medibank Health to grow earnings to at least AUD 200 million is going to require growth. We're going to grow organically by growing services, and I think we've shown a good history of innovation and delivering new services. Whilst the Medibank 4.2 million PHI member-based source of growth and diversifying our source of those sources of funding across both the public and the private sector. M&A aspirations. We see inorganic growth through both M&A and use to generate scale, geographic diversification, and acquire new capability. In case, reduce the risk in execution. We see acquisitions being able to be invested in this. Our inorganic growth priorities are unchanged. The near-term focus is on expanding our primary care and also broadening areas in the corporate health and well-being. Really importantly, this execution is going to be with investments need to make a standalone return on capital. In many cases, we're partnering with doctors that don't realize any Medibank synergy benefits. Important, but also our businesses need to deliver synergies back to our capital employed in Medibank Health, and that's part of the AUD 400 million other capital we report in our capital note in the result. It's AUD 450 million of that currently. To achieve that FY 2030 aspiration to around AUD 250 million, making the capital employed around. The residual amount of our FY 2024 to 26 M&A BAU capital in Myhealth, where part of their core business is acquiring small numbers of clinics on an ongoing basis. We do have the willingness and capacity to invest more than in the Medibank Health segment. That will either the AUD 200 million earnings aspiration earlier, and as we go about that execution. Achieving these AUD 200 million earnings for Medibank Health is a bold aspiration. Based on the numbers we've shared with you on the capital we expect to deploy, we've got an opportunity for significant improvement on return on invested capital. That's the way we really think about deploying your capital. What's the return? I'll spend a few minutes talking about the synergy opportunity. It's meant to show pictorial opportunities we have for delivering synergies between our businesses. It's anchored around the 4.2 million Medibank PHI customers. There are quite a large number of individual opportunities. There's the opportunity through our differentiated products and services, our PHI customer growth. We support more of our customers and support them through more of their health needs. Rob spoke about with Milosh covering the entire continuum of care all the way through to acute disease management. We expect to see benefits from the preventative and as well as shifting care to lower cost, personalized, more traditional, higher cost acute settings. These aren't all going to arise on one day. They're going to progressively emerge. We currently see some of these opportunities very well in bed, participants, or financial products policyholders. Some will emerge progressively as we see the adoption of personal care and personalized medicine increasing. Over the longer term, the benefit from prevention and proactive care will progress to more of those opportunities out to more of our customers. That's a more future focus. I guess the money slide is next. Make sure it's the right slide. Simple examples on how we think we can create value both for. What we've tried to do here is anchor around the milestones for FY 2028 that we're sharing with you. Most of our customers are we supporting and what's the benefit financially for in their healthcare journey. The first one is on Live Better and how that supports PHI customer growth. We know very clearly customers better have a lower lapse rate than customers by the benefit of that to gross profit. Treated in the home versus hospital, what the cost savings is, length of stay. That's very easy to calculate. The one over time, it's the people that participate in preventative and proactive care and as well as going through our chronic care programs. Burden and cost of treatment will emerge over a much longer time horizon. Be more significant as we approach FY 2030. Not an exhaustive list. The sizings are indicative. The really clear opportunity we have for value creation links to the milestones that we've shared today. We've already got in the FY 2025 earnings space that we reported a couple of months ago and above that that will emerge as we progress to FY 2030. A few comments on this slide, which really is the money slide. PHI in much detail today. We remain very focused on keeping our PHI offering differentiated and to be disciplined in the way in which we run the business. Business supporting our PHI market share aspiration. Additional investment in the PHI business if there's a commercial aspiration, but only if it makes commercial sense. I've had a few questions in the break about whether aspiration is a downgrade. It's out on continuing to run the business in a disciplined way. Of course, if opportunities open up and we can win more market share and make commercial return, then that's what we'll do. Value creation across the three separate limbs of growing Medibank Health earnings. Transform health. We've said a lot about it being interconnected. As we transform health, then the opportunities for Medibank, as Medibank Health delivers more services to PHI members, we know most of our PHI competitors won't be able to match opportunity. The cycle continues. The earnings aspiration of at least FY 2030, both from organic and inorganic growth. We've given you a marker of how much assuming we spend about AUD 250 million in achieving an aspiration. ROIC is going to be a really important opportunity for the math. If we achieve the earnings aspiration of AUD 200 million, you just test for Myhealth and you can work out your own estimate of ROIC and where we currently sit. Finally, in terms of trying to dimension the value opportunity from synergies, I think a position is to deliver incremental PHI value of in increment. In FY 2030, that means as a consequence, to be 5% higher. Put of the FY 2025 earnings, so that's 5% of about AUD 741 million. What that would have been if we were like most of our competitors and just operator. In the next five years, we'll be thinking about how else we can deliver synergies and add value to our customers and of the value creation opportunity. We'll refine that. Before I hand to David, I might just reinforce one comment. I think we've got the string execution and we've been very good at innovation. Components will be very critical in delivering on all the aspirations. I did work out how to use the slides, which is probably the biggest risk. Thanks, Mike. You have technology now. They were very low. They were very low to start with, but you did. A little bit more, maybe five more minutes, and then very keen to answer any questions you may have about what you've heard this morning. A lot of this is recap, but what you've heard hopefully resonates. Our focus in health is driven by the and our greater role in supporting them in their whole journey in health. This is not new for us. We've been doing this for around 20 years. We've got a track record of building capability, innovating, and scaling. Doing this because our health system needs to transform at the right time to shift. We need the prevention from hospital to community, from analog device to medicine. These shifts are essential to drive the health transition and to really respond to the emerging and increasing needs of the community. Is there any system in the world that's done this? It is not in totality, but many modern systems have made demonstrable shifts along these four. We can learn from the ones that have worked, and it gives us shifts in Australia. What we know is that we need to work together, together with doctors to drive these shifts. We need and we have where we need to head. I think there's a collective understanding of people I speak to across health that we want one that preserves for our population. I think that is absolutely a united ambition. We also need to ensure that it's and the experience for experiences for patients and providers. Shared with you today, we're investing and leading the health transition, enabling us to grow as a differentiated health company. Now, this chart, how we create value is what makes us different from others. It's how we deliver it. We talk about this a lot internally. That creates something greater than the sum of those individual parts. It builds trust with our customers. It supports the notion of our purpose, better health and better lives. Approach we know has also delivered long-term value for our shareholders in health. We will be diversifying our earnings and strengthening our resilience, increasing our confidence in business. This is the driving force behind our strategy. Connecting our four key segments in health, PHI, the community, and acute care, we have multiple pathways for future growth. Where we start and end is continually advocating for our customers. We will continue to play our role to keep the Australian health system. Just to recap, I touched on this at the start, but we have questions. We have set ourselves that we've shared with you today. We're focused on growing earnings, strengthening our core business, and transforming health. To double the number of people we're engaging with in their health and well-being, 10 million people by FY 2030. To maintain our leadership role in PHI, we aim to grow residents in a disciplined way, as Mark said before, with an aspiration to have a leaf by 2030. We know, and as we described to you today, our support this aspiration for our core business. It will also generate more value for our PHI segment. To reiterate, you know us pretty well by now, if there are opportunities that are sensible, those to increase our share in PHI. We aim to significantly increase Medibank Health by FY 2030. To bring it all home, before we have questions, the Australian health system is under pressure. Its complexity is driving its inability to respond to increasing productivity is not supporting. This is why we need to drive the health transition. We are well placed to invest and lead the strategy, proven capabilities, and our established partners. As you've seen today, we've got strong foundations in growth, and growing in health strengthens our core PHI business, and it's a key point of difference. As we look ahead, our team across Medibank is very excited by our future. We have a very strong connection to our purpose, Australia's health system, one of the best in the world. With that, we're now very keen to answer any questions you may have. We've got Loki and Nicole with microphones around the room. If you hand, we'll bring a microphone over. Do we have any questions in the room? Freya. Bank of America, thanks for the presentations. I'm just trying to understand the value chain for a lot of the health services businesses. Health revenues are coming from the health insurance business as customers versus those outside of your current ecosystem. To get to? Yeah, I think I mentioned that a third of our revenue is coming from the support that we provide to, and the rest of it is coming from the ecosystem more broadly. To change this or grow it even more? I think we're actually looking to grow across a number of dimensions in our business. That includes primary care, which is funded very much by government rather than PHI. You're also going to see customers inside Medibank. Both dimensions grow rather than that percentage. Is the Medibank Health, are the growth ambitions of government support or shifts in how healthcare is being funded by the government? Yeah, we've talked about particularly in the primary care space that we want care to be more planned to happen. The system is not designed for that at the moment. It is an acute care, and it is funded on a fee. We like to see that become more funding in detail that we can actually be funded differently for that. Planning on in these numbers is actually any system reform to enable that. It'll be a tailwind rather than a requirement. Yeah, I must admit we've got, as we've shared with you many times, ongoing dialogue with state players in the health sector. We want to work with to actually solve and demonstrate some of the reform options that are actually being put on reform. Equally, we are seen as being reform in action to give confidence to the contemplated reform actually drives better health outcomes, all the things we've talked about. I think we're in a really good position to be able to accelerate potential reform. Unknown, it becomes more of a known. When I look internationally, often, government reform does follow pilots and scale programs where the private sector or groups of practitioners create what is possible. I think that's what we're seeing, and that's what we'll see if we're relying on any reform in these numbers. We're probably in a space where, on average, there's less regulatory intervention in government. When we've chosen which of our health segments are our target segments, we've been very mindful of regulatory and sovereign risk rather than add to it. Sorry, final question. Just on the, can I clarify what the M&A budget is then for 2027 to 2030? Does it, has the budget moved into the next three years effectively? Result, we had spent AUD 60 million of our AUD 150 million-AUD 250 million aspiration. We're still confident that during the course of the next seven or eight months, the M&A is pretty modest, around AUD 60 million or AUD 70 million. That really is just a base budget for Myhealth, so they will continue by clinic to expand their presence. Anything over and above that is not included in the M&A of AUD 200 million earnings. That will be in addition. We're pretty confident we need to for other access to capital markets to give the right opportunity. Thanks. Next question, Michelle. The 177,000 hospital beds saved that impact the 64% utilization of hospital beds for the system, and the relationship that you have with the providers of those hospital beds. I think, as I said before, just understanding of the need to transform health. Certainly, as we talk about as a private to safely move treatment where it's possible from hospitals to shorter stay day in the community, the resistance to that is now reduced. Transform together. As you know, there's quite a concerted dialogue at the CEO forum. The best conditions to make that transition. Where we're going now is kind of a united understanding. That's not a mystery now. Equally, doing in our own business is to create where healthcare needs to be because five or six years ago, maybe Andrew could add, there wasn't really a scaled clinical home care offering in this country. Clinicians had not a lot of confidence to create these new services. Equally, now more and more on that transition and incentivize that tradition. Maybe I'll transition hand over to what we're doing. Yeah, thanks, David. I think, as David, you outlined, the country and our hospital partners are part of that ambition. Over the last couple of years, the no-gap network is a good example. As Rob, hospitals in that network, the vast majority are with our partners. We're a model to reduce length of stay and increase adoption of home care. Granted, we'll work with Amplar Health, but we're also working with a range of our hospital partners for three years. As we've spoken about at the FY 2025 for incentives and sharing that value with our hospital partners and customers so that overall we collectively are incented to move the care model and drive this health transition. Next question. It's Kieren Chidgey, UBS. Just interested in some of the synergies, I guess, between Medibank Health and the PHI. Obviously, there's the customer benefit, but Mark, I think, touched on some claims opportunities that could drive 5% uplift to FY 2030. What's your ability to retain those? You've got the government increasingly looking at gross margins. A calculation that we've shared is net of risk equality. Value can manifest in, and you can then choose to reinvest that in product value and reduce your lapse rate. It does not have to come through in claims only. The size and scale of the opportunity that we've shared today, we're pretty confident we can put in equal. That is just in the kind of micro Medibank Health participating with and collaborating with PHI. That doesn't pick up the benefits we expect to get from payment integrity, hospital contracts. We're already embedded in the business where there's further opportunity to embed further. Thanks. Medibank Health, you sort of mentioned a lot of the investments being done in terms of people and systems. The operating look quite ambitious, quite strong. More customers into that ecosystem, there is decent variable cost growth feel for, I guess, today from a customer perspective to take on a lot more volume. Rob, correct me when I'm wrong. You almost have to bifurcate between the operating expenses and the direct expenses. You'd expect to be able to scale your existing system, as you see today. That's based on delivery. From an operating expense basis, it's technology, it's support, governance, and all of those kind of costs. You expect those to be more available. That's why we spoke about the operating expense ratio improving. Like you do in most businesses, get to an inflection point, you grow so much, you need to invest in more. I do see the opportunity really being in the operating, getting leverage through the. Yeah, look, I think you did well, Mark. It's going to get built into his budget next year. Please don't. Look, Kieran, I think the scale of the existing operations as they exist today, and that will be, in that integrated care model, we'll see different gross marginals. Technology plays a bigger role in the healthcare delivery than it does. That we need to keep doing. This is not a one-and-done exercise, multi-channel, multidisciplinary care. We have to continue to stay in that. OpEx investment, which will be a little bit different to our CapEx scale. If you look at our primary care GP market, where we're still, despite being one of the larger players, a small player. There's a lot that we can do together since 2030. The reason for giving the FY 2028 milestones, which are very much linked to the key value drivers for gross profit, is to show what we're aspiring to. Segments at a gross profit level, so you can do the math. We know on the management, on the operating expense level, if we acquire business. When you look at the revenue growth that's possible with milestones, you wouldn't assume the same level of cost growth acquiring cost basis from M&A activity. That is where we get the opportunity for the operating margin improvement. If you do those milestones, we are not assuming any significant improvement in margin on that to achieve the AUD 200 million. Thanks. I just had one last question. You know, you presented a lot of terms out there in the AUD 150 million-AUD 250 million range for a number of years. I'm just interested in what sort of opportunities you're interested in investing a lot more heavily. I think, as you said, it was a three-year aspiration and we're in year three, having spent AUD 60 million of that. We've got AUD 90 million-AUD 190 million, very strong at this point. Mark's gone through increasing that to support this ambition, but also more to support that. I think the challenge shifting health and investing in the future, you can't really. You're going to be taking additional assets. We're very particular and disciplined about where we invest. There are attractive opportunities out there. We're pretty particular about what we go after to support the. If you look at the most stretching FY 2028 milestone relative to BP consult, so AUD 3.2 million, AUD 7 million, you should assume that requires some inorganic growth. Thank you. Question up front. Thanks for taking my question. I just wanted to ask with private health as a value proposition for the consumer. It's not really in the health service providers' control, and that's out-of-pocket expenses charged by the healthcare professionals. Great job with your 41 owned or partnered hospitals. To what extent do the doctors who are free agents just shift out-of-pocket costs? Are the hospitals that those doctors operate out of maintaining that erosion of the value proposition of private health insurance outside of your controlled hospitals? For example, Dr. Smith operates at a Medibank hospital in Melbourne, and he makes up for your location by charging 2x out-of-pocket at the other private hospital. Overall, the value proposition for the consumer is still poor. I'll just. Yeah, it sounds like. I think the out-of-pocket costs for CGGDP were well above the OECD average. It's a big issue, and it's going to grow, and it's growing rapidly. That means a problem. There are many stakeholders in the system. Governments and even doctor groups are highlighting that as an issue. Pain of suffering the burden. We are seeing really worrying signs of people avoiding care. That's not a challenge. It's not just us saying that. There's a new wave of doctors coming in that have a very different sustainability. As a backdrop, I think that is a, we're not the only voices in this at the moment. I think that, you know, as David Koczkar outlined, there is a problem and looking to solve it. If you look at what we're doing with the no-gap partnership, same sort of procedure and the same sort of cost and admin effort, yet changing care practices to reduce length of care with clinical governance that reduces the requirement of the doctor too. Time, you're looking at removal of the admin burden that a lot of doctors and doctor offices and so on. There's actually more value to support the no-gap outcome than the surface level of. What we're seeing is more and more doctors are and pilot various other programs in order to do that. The other thing is the way we're doing it by improving the care model, you therefore then reduce readmission and continuing healthcare costs. Net net money in the system that can be reinvested to provide compensation at the adequate level. When we're going to enter that. The fundamental costing of, and no surprise, we started with orthopedics. Save money on prostheses and making sure the most clinical prosthesis was used. There wasn't unnecessary rehab. Through the short stay model, you can readily cost both through the short what the saving benefit is. The conversation is about how much the insurer gets versus how much the hospital operator gets. They don't charge out-of-pocket. If they were to charge more out-of-pocket for another customer, that would be to increase their realization, not what's happening with at Medibank, as an example. A lot of them see the no-gap offering as an opportunity to help grow their business. How many more patients do I treat as a consequence of participating? Generally, the surge amount that they would have had they not participated, but not having the burden of collecting the out-of-pocket from the patient. We just pay them all. Yeah, I was going to say that probably the only one. There's a couple. There's one over here, the only one. You should share how you often get called on airplanes, too. Look, I think it's a really good question. I think as a practice and especially an issue, it's actually a very small number. David's point around the vast would identify this as a problem and do not agree to just get charged. I think because it obviously gets complicated in the media and so on. Yes, it's a big patient psychiatry where a lot of patients are not seeking care. That has all the reasons that we're telling you. I think it's a really good example of where actually I think a simple solution, because the implementation is not simple, but the answer is actually that is the answer. That's a whole of system change which we can play an important enabling role. It's bigger than us. That has to happen. Patients and GPs particularly have got that data, not disappear, but it will become a lot more manageable. That just has to happen. 30% of data I heard this week, 30% of people. There's an end, there's a downstream issue pretty serious for us as a society. I think we've just got to address it. Andrew is standing here from Morgan Stanley. Can I ask a couple of questions? Forty, where it suggests that ambulatory care now aren't profitable and you seek to break even by FY 2028. What needs to change to flip them into being profitable by FY? I think it's pretty well accepted that it takes years to open a new hospital, commission it, and get it to industry expectation. We've got about 500 months or less old, and that is just, as we've heard today, a lot of those models are different. We have different models of care that are in there, and we have different funding models and a slightly different dynamic, but an important one as we scale. That even demonstrates that they're well accepted by patients, well accepted by the referrer at a profitable level. Second question round. Slide 40. It says Medibank Health has AUD 145 million of revenue. Is that, or is that implicit revenue that it collects through private health insurance, like additional revenue over and above your private health insurance business of that AUD 150 million? The biggest payers for those intercompany not enough for Medibank that breaks out. AUD 1.5 million, something around that. Medibank is a big player in the well-being space. Can I just leave better? The revenue that he generates points for challenges. As I mentioned, acquisition offers, retention offers, they're all better points and much more effective acquisition offer than a lot of our other offers. We get inputs from our partners as our customers and services. Increasingly, we've got a master list for various campaigns and challenges and offers that also. When you look at corporate health, that's obviously all standalone revenue for financial well-being. That's all effectively commission revenue from the premiums customers pay for those policies. Okay. Bonus question, but I promise it's fun. The ministry expectation renewal for next year looks like it has two new points. One is about helping the hospitals adjust, and the second one was your premiums last year. What are you going to do about it? How do you think of yourself and how your competitors are positioned? Different from the health immersion, but we'll take it anyway. Don't worry, it is fun. Look, I think they're two. As I said at the full, we were very clear to set expectations of what good looks like. Investing in the value for your customers, helping address their supporting hospitals in the health transition. Our objective is to keep our gross margin pretty steady, which is what we do. These two new additions are very consistent with, as you know, we've been supporting hospitals' organization, providing one-off support costs through and investing in the partnership of a branch. Close the amount of money we've provided to hospitals. That box. In terms of our pricing strategy, we've kept our gross margins steady. In fact, our gross margins in resident PHI are still not a pandemic. We keep that approach. I think we appreciate it because it will mean others have to do the same. Next question, Sid. That parent from JP Morgan, just what the growth expectations you have in the community. Can you just help us understand the competition? You know, just explain the competitive environment. Who else is there? You know, there's some strong growth ambitions there. Just keen to understand whether you've got the experience so far. Yeah. Happy to. I think primary care is a very fragmented market. There are a few corporate players that are out there. Myhealth today is probably one of the top two or three primary care operators, but accounts for the primary care market. Just to give you a sense and dimensionalize in terms of growth and the competitive intensity base, what we're seeing is many more providers coming to play in what we would call the health want space or even the stigma space where you wouldn't necessarily go to your regular GP, but you would go there to get something that's a little bit sensitive. I think it has a certain amount of boundary lines that sit around that. Two models together, so you're offering the virtual experience. It's not to reduce barriers to getting care. A regular GP that's 11:00 P.M., you can get that versus something that you needed to do in the day. You're going to have an extra challenge to get there. When we think about our support that we wrap around our members for mental health, we have 24-hour a day, seven-day a week mental health support for our mental health. That's a unique offering. You think about your primary care offering as having an in-clinic experience to home with a 24-hour wraparound care and the ability to deliver home care into your home. Those are unique opportunities and actually a white space that is not being served by anyone today in the Australian market. We think we're really probably by far and away the capabilities to execute on that because of where our business is today. Give you a breath before you go to the next sector. When we look internationally, it's in case. You do see the first move emergence of these. They tap out because they can't provide quality care. Both consumers and practitioners end up, you know, that being a minority of the share. What happens is a percentage of the share of that market becomes this multi-channel, multidisciplinary, which Rob talked to. What will be left will be some to a subscale that will still deliver great quality community care jurisdictions internationally. That's why we're very focused on this corporate middle dominant model in the future. I might just make one more point on primary care, which is it's an interesting market in its sort of pull and push. Yes, we're going at it obviously, but also you've got to work for an aging workforce, actually, in a lot of cases who are actually looking for a different value proposition as a doctor internationally. That's something we're very focused on. As a proposition, it's our belief that will actually attract. I'd like to really join you and work with that. We're already seeing that with our education platform in Myhealth. The majority of doctors are the GPs. That's another part of what our strategy is to actually build because we think that'll attract. It'll be a growth opportunity. Pleasure, some of these part of that AVP. Who knows 30% of GP time. Yeah, also from my own. Yeah. Exactly. Heidi was the example. I'm just going to yell because I hope you can hear me. Where I think we're seeing those productivity benefits really play through. I think about the tapping out of the virtual, the example I practice in the Netherlands is a really good example of that, edges of where they could as a digital platform, but then joining forces in-person therapy as well as virtual sort of create greater than the individual parts that we've spoken about. Yeah, and maybe just to shift gears into the community. When we look at what we've done in South Australia, particularly with the Myhealth, we are the only standalone national hospital standards providing this level of care. That's important because when hospitals try and deliver care, send into this sort of model, they are typically taking existing processes. We feel it's really important to have a design system that's dedicated. Towards How do you deliver acute care into the home? It was really important. I think what we're seeing in terms of competitor dynamic is to look at this model and say, "How do I actually implement that in my state?" Normally, I want to build it here. The challenge, rather than there's another already in the marketplace. We're competing with an incumbency, decision-makers in the state health departments. We see a very, very strong advantage in not taking to serve patients in the community for that. With a highly trained clinical workforce, with a paramedic national team of specialists and GPs that can provide all where that care is delivered. You could be in Perth or Penrose. I think that's one of the advantages that we can bring to the table as we cross the country. The challenge is overcoming the internal traditional community care. What we've seen in the market particularly is a lot of players doing what you'd more describe as non-clinical work, so personal care work, and be directed by consumers as to where that is allocated. It's not so much their lawn's mowed and their house cleaned instead of getting their clinical care. That's where most of the effort, most of the resourcing has been allocated. It's trying to shift and turn that model on its head with the support of home. With that clinical home care capability, there's a few. I think that's where we see an important opportunity to build out our capability in this emerging market to really take a leadership position in that. Great. Next question, Nigel. Nigel Pitta way from Citi. Just changing tack just slightly. Share aspirations. Mark, you did touch on it for PHI. Discipline growth, we understand, is important. You have moved that target from what you were saying was 26.95% by FY to 26.8% by FY 2030. There's quite a paring back. Market share aspiration. It does suggest the Medibank brand in particular. Can you just maybe make some comments on that, please? Yeah, I can go on that one. I think what we've seen is some very uncommercial practices by some players. I think we've kept our approach to being disciplined, focusing on retention, core markets. You know we don't drive value by just going after market share. Grow market share, but we don't pay dividends out of policy value and margin. We can't be sustainable and invest in being disciplined. I think we've had a look at the forward disciplined objective for the business. As we've said, you know we've got two or three that we don't have and won't have in the future to accelerate that. Our investments in health will help. If we see changing market circumstances, competitors become more rational. Obviously, that's opportunity to that. Also equally, if there's a commercial opportunity to invest more, we want to buy the value creation the market identified. We think of a consistent expectation based on our current momentum. You know us, we will evolve. Nigel, can I just clarify? I don't think market share necessarily is at the expense of the Medibank brand. If you look at the synergy conversation we've had, a little bit of Finn products has a high penetration in Medibank as does AHM. Services is much, much higher in Medibank. From a retention perspective, the majority of the benefit I showed in one of my synergy slides is going to manifest in. You should assume the Medibank brand, it's coming at the expense of the Medibank. You're over a number of years, typically the swinging customer that we acquire and likely through the aggregator. I'll leave you with the Medibank brand growth and the swinging customer going to come through the aggregator and through AHM. The Medibank brand is going. Good. You got a good. That's good. Just talked about at the half to FY 2025, and that's continuing overall and better than last year. That momentum is strengthened by what David just highlighted. We don't want to be getting the last few years, and that guidance represents that maintaining a leadership, growing share, but not setting an aspiration that you yourself would not want to. Nigel, the benefit of a long aspiration rather than just setting a number for next year, market share for next year, the financial ramifications probably hit you in the which our competitors have 12 weeks free. They have to pay the offer even though there's no new customer being. We've seen a couple of our big competitors that had one share. The one share at a pretty significant cost, and now they're losing South Wales. Launch a very uneconomic product. They're now having to back away from June because of the impact that's having. It's about a sustainable pathway. A four-month period. It's easy to do that in a four-month period. It's harder over a five-year period. Next question. Sorry, Nigel, I had another question. Hang on. I just wanted to ask on Medibank Health and the aspiration there. If you sort of took the same growth rate that you've been sort of aspiring, 150, a bit more, slightly more maybe, and the rest would be acquisitions, is that the right way to look at it, or are you actually Medibank Health? Maybe the way to think about it, Nigel, is here and had a AUD 7.5 billion loss included from the hospitals, the JV hospitals. Seven because that's one of our milestones. Assuming you spend AUD 200, you make up the multiple 10x or 11x, it could be another AUD 25 million a year. On a basis above AUD 100. If you think about going from AUD 100 to that's 15%, 16% organic growth rate. Stretching aspiration relative to what we've had over the last three years. The impactful because the earnings basis we're growing at a similar rate of. Very clear. Thank you. We had a question over here. This is Thompson from Jefferies. Thanks for taking my data security question. A lot of the work you've spoken about requires technology. Should we increase, should we assume, or would it be proportional and trust? I think as we've talked about before, we've been investing significantly in the last few years. We expect that spend and that program to end. We will end the program when from our brand. I think what Felicia can maybe share is focus that spend to ensure that we invest in technology track as we expand in health. What we've been really particular about with our spend in data management and information security is making sure that we automation, and ultimately the cost per is going to come down based on where we spend on people versus where we spend on technology. Being really deliberate and particular about things like storage and how we tier our storage. One thing around that is where ethics play, where controls play, being able to create the guardrails around everything that we do. We talk about it a little bit internally as fast and safe. Making sure that scale to get those productivity benefits, but they also remain. Wilson's got a question. Thanks very much. Andrew Goodsall from MST Marquee. Just a question around the measures you have in place to understand the quality of substituting or providing services in an alternate site. To understand your comp, or how do you get the confidence that you're bringing about the same otherwise? Yeah, I mean, we measure in the PHI fund as well, look at metrics around readmission and complications and the like. We've got settings across the same measures. I think what we're attention to as well as the health metrics and outcomes is the outcomes. We're seeing that from both the provider side and the patient side as being more effective. In some cases, you might have data that actually you can promote yourselves. Yeah, exactly. Like the heart health at home example, are we doing something that's removing barriers to getting cardiac rehab? Completion rate of an 8 or 12-week program, and then where outcomes that are attributed to being studied. We have varying levels of review with a number of our university partners as well to assess progress that we're leading. You'll hear more about that in our proactive case. That's an example where we've got Macquarie Uni coming in and just us, Mark, our own home. I'd just say like Felicia was talking about the IT security. If you like, we've got a clinical security program. It's our clinical governance framework that Jeanette, who's sitting over there, is very heavily involved in leading that in Amplar Health. An AAU kind of measurement system for all aspects, which if we do anything new is added into that. That's part of any. That's a given that what you're describing is going to be measured. Next question, Andrew. Hi, Andrew Buncombe from Macquarie. First one, just to be clear, the AUD 230 million or exit? Let's read the FY 30. Yep. Then. It's after 4:00 P.M. In relation to the reshaped policyholder growth expectations, does that mean that we should assume that customer acquisition line over that period of time? I'm focusing on the retention opportunity. Medibank brand versus AHM is probably being the two dramatics. The market is shifting towards third-party. If the whole market moves more towards the aggregator, then AHM is impacted by that as well. The broader Department of Health has been interested in how different health insurers are relating what portion of benefits they're giving to customers each year, and where the rewards programs fit in that given the insurance business. Ranging thing in Medibank Health will be outside of that calculation. Thanks. Effectively, it's a debit to revenue, not a debit to claims. This is excess work to customers as well. Did we have one over here? No? Okay. That is all the questions in the room. We're not taking questions from the webcast today. If anyone on the webcast does have a question, the webcast will now conclude at this.