The Abbott government won’t be siphoning off any of the proceeds from its successful Medibank Private sale to pay down debt.

The privatisation of the health insurer has raised $5.7 billion, more than $1 billion more than the Coalition had first predicted.

All the money will be going into the government’s so-called asset recycling fund.

The fund helps pay for incentives for states and territories to sell assets and use the proceeds to build new infrastructure, such as roads.

“We have said all the way through that was a key part of our commitment,” Finance Minister Mathias Cormann told ABC radio on Monday.

“We have always indicated that the proceeds from the sale of Medibank Private would be reinvested into productivity-enhancing infrastructure.”

Shares in Medibank Private will start trading on the Australian Securities Exchange on a deferred settlement basis on Tuesday.

Scoping studies for other potential government privatisations – including Australian Hearing, Defence Housing Australia, the Royal Australian Mint and the Australian Securities and Investments Commission’s Registry Services business – have not yet been completed.

“Once they are received we’ll consider them in the context of preparation for the next budget,” Cormann said.

The minister again ruled out privatising other assets, such as Australia Post and the Snowy Hydro.