Anthony Albanese has promised to slash the maximum cost of prescription medicine under the Pharmaceutical Benefits Scheme (PBS) to $25 if re-elected.
The cost of medicine on the PBS is currently up to $31.60 for non-concession card holders, but Mr Albanese has vowed to introduce the cut by January 2026 if he secures another term.
The change, made possible by a $689million investment in next week’s Budget, could save Aussies with chronic health conditions hundreds of dollars a year.
The move comes after Labor previously cut the maximum cost for medicines on the PBS to $30 in 2023.
A full list of the medicines under the PBS is available on the Department of Health and Aged Care website.
Pensioners and concession cardholders currently pay a maximum of $7.70 for medicines on the PBS.
If brought into effect the change would make prescriptions in Australia the cheapest they have been in decades.
‘The last time Australians paid no more than $25 for a PBS medicine was over 20 years ago,’ said Health Minister Mark Butler.
Anthony Albanese has promised to slash the maximum cost of prescription medicine under the Pharmaceutical Benefits Scheme (PBS) to $25 if re-elected
‘Cheaper medicines are good for the hip pocket and good for your health.’
The announcement has again signalled that Labor wants to fight the election on healthcare grounds, after it pledged last month to make GP visits free for most Aussies if re-elected.
It again attacked Peter Dutton’s record as Health Minister on Wednesday night, as it had during the GP visits announcement.
‘When Peter Dutton was Health Minister, he tried to make medicines cost more, not less,’ Mr Butler said.
‘Peter Dutton tried to jack up the cost of medicines by up to $5 a script and put free medicines for sick pensioners even further out of reach.
‘In opposition, Peter Dutton and the Liberals voted to block cheaper medicines six times.’
The Coalition said it would match the policy, also cutting the maximum payment to $25.
‘Labor’s cost of living crisis is forcing Australians to make difficult decisions about their health – decisions that no Australian should have to make,’ said Opposition health spokeswoman Anne Ruston.
‘More families are being forced to delay or avoid refilling their scripts or seeking health advice because they just cannot afford it under Labor.’
