The Albanese Labor Government is making cheaper medicines even cheaper – with a script to cost Australians no more than $25 under the Pharmaceutical Benefits Scheme (PBS). Having already slashed the cost of medicines – with the largest cut to the cost of medicines in the history of the PBS in 2023 – we’re now going even further with this $689 million investment in the budget.
This is a more than 20 per cent cut in the maximum cost of PBS medicines, which will save Australians over $200 million each year. The last time that PBS medicines cost no more than $25 was 2004.
Pensioners and concession cardholders will continue to benefit from the freeze to the cost of their PBS medicines, with the cost frozen at its current level of $7.70 until 2030.
This builds on action we’ve already taken to deliver cost of living relief through
Cheaper Medicines, including:
More free and cheaper medicines, sooner, with a 25% reduction in the number of scripts a patient must fill before the PBS Safety Net kicks in
The largest cut to the cost of medicines in the history of the PBS, with the maximum cost of a script falling to $30, from $42.50
60-day prescriptions saving time and money for millions of Australians with an ongoing health condition
Freezing the cost of PBS medicines, with co-payments not rising with inflation for all Australians for the first time in 25 years
When Peter Dutton was Health Minister, in the Coalition Government he cut $50 billion from public hospitals, cut funding for Medicare, and tried to end bulkbilling.
The contrast this election is clear:
Cheaper medicines with a re-elected Albanese Government, or Peter Dutton and the Coalition, who want medicines to cost more, not less.
“The Albanese Government has had the cost-of-living crisis we inherited at the forefront of our thinking across the three budgets we have delivered, and it will be at the forefront of the next one,” Riverina ALP candidate, Mark Jeffreson, said.
Whilst Interest rates & inflation are coming down, we know it no picnic out there, and this is another step towards providing cost of living relief for those everyday Australians who need the help the most.”
“Nobody should be wondering, can I afford to get this prescription filled?
“People being able to look after their health leads to stronger communities, better societies, and stronger economies.”
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