Australians will pay less for Pharmaceutical Benefits Scheme medicines after Labor and the Coalition both pledged to reduce the co-payment to $25.
Prime Minister Anthony Albanese officially announced the reduction at a pharmacist convention on the Gold Coast today.
Ahead of the speech, he confirmed PBS medicines would cost a maximum of $25 under the plan.
This followed a previous reduction from $42.50 to $30 in 2023.
“This will deliver cheaper medicines for Australians,” Mr Albanese said.
“The last time that PBS medicines cost no more than $25 was way back in 2004. This will save families hundreds of dollars every year.”
The Prime Minister said the move would cost $689 million over the next four years on the government’s forward estimates and help reduce inflationary pressures.
The Coalition health spokesperson Anne Ruston confirmed that a Coalition government would match the commitment.
“Eight percent of Australians delayed or went without their prescription medication in 2023-24 due to cost concerns,” she said.
“It has never been more important to ensure Australians have affordable access to essential medicines and treatments. “
