Major update on plan to slash prescription medications to $25 for millions
Once passed, eligible medicines would be lowered from $31.60 to $25 from January 1 next year. Pensioners and concession cardholders will continue to pay just $7.70 for their prescriptions until at least 2030.
Prime Minister Anthony Albanese said the cap was an example of cost-of-living relief that helped 'every Australian'.
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'The size of your bank balance shouldn't determine the quality of your healthcare. My government will continue to deliver cost-of-living relief for all Australians,' he said.
Health Minister Mark Butler said the move meant medicines would be their cheapest in decades.
'Cheaper medicines are good for the hip pocket and good for your health,' he said.
'For general patients, medicines haven't been this cheap since 2004."
The change would lower the price of medicines by more than 20 per cent and follows an earlier round of price reductions in 2023. The government previously cut the maximum price of a PBS script from $42.50 to $30.
The bill comes after US President Donald Trump flagged tariffs of up to 200 per cent on pharmaceuticals earlier this month.
Pharmaceuticals are one of Australia's biggest exports to the US. According to the UN's Comtrade database, Australia exported $2.2 billion in products to the US last year.
The Australian government has said it is not willing to trade away or do deals on the PBS.
How will the cheaper medicines work?
The PBS is the government subsidy program that allows Australians to get a wide range of prescription medicines at more affordable prices.
There are two main prices for PBS medicines. The general rate is what applies to most people and is what would be lowered from $31.60 to $25.
The concessional rate applies to concession-card holders and is currently frozen at $7.70 until 2030.
There are more than 900 medicines on the PBS schedule, spread across more than 5,000 brands.
You can check if your medication is on the PBS here.
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