Labor to introduce Bill to cap PBS-listed scripts at $25, PM dodges questions on super tax
Once passed, eligible medicines will be lowered from $31.60 to $25.
The government estimates the change will save Australians $200m a year, while costing the budget $690m over four years.
This is in addition to previous reforms which allowed patients to acquire 60-day prescriptions, and freezing the cost of medicine for pension and concession card holders at $7.70 until the end of 2029.
The election pledge was also matched by the Coalition, suggesting the Bill will likely have a swift passage through parliament.
Anthony Albanese said it was a promise delivered.
'This is another example of cost of living relief that helps every Australian,' Mr Albanese said.
'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.'
Health Minister Mark Bulter also welcomed the incoming Bill.
'Cheaper medicines are good for the hip pocket and good for your health,' Mr Butler said.
'For general patients medicines haven't been this cheap since 2004.
'For pension and concession card holders we've frozen your medicine prices at a maximum price of $7.70 until the end of the decade.'
The Bill comes as the United States lashed Australia's PBS as 'discriminatory' amid tariff negotiations to remove the general 10 per cent levy, as well as fees on Australian steel and aluminium US imports.
Concerningly, US President Donald Trump has also flagged a 200 per cent tariff on pharmaceutical imports, which could have a major impact on $2bn of Australian exports.
However the Albanese government said it is unwilling to use the PBS as a bargaining chip.
On Sunday, Mr Albanese also faced a grilling over when Labor would introduce its proposed plan to double the tax on superannuation accounts over $3m up to 30 per cent.
He said the Bill 'will come in time' and that the priority in the first fortnight was policies 'that make a difference to people's money in their pocket'.
Perth MP and assistant minister to the Prime Minister Patrick Gorman said the government had been 'clear about our priorities' for the Bill and said he was 'confident it will pass'.
'I think we have seen in this building, time and time again, that when it comes to getting things through parliament, you have got to also let the parliamentary processes do their piece,' he said.
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