ANTHONY ALBANESE MP

PRIME MINISTER OF AUSTRALIA

MARK BUTLER MP
MINISTER FOR HEALTH AND AGED CARE

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).
 
This is another key cost of living measure delivered by the Albanese Government which will continue to put downward pressure on inflation.
 
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.
 
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.
 
Only Labor is committed to delivering cost of living relief for Australians, while strengthening Medicare.
 
Making medicines cheaper is a tangible way we’re helping with the cost of living.
 
Four out of five PBS medicines will become cheaper because of this $689 million investment in next week’s Budget.
 
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 per cent reduction in the number of scripts a patient must fill before the PBS Safety Net kicks in – $480 million (July 2022)
• 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 – $624 million (January 2023)
• 60-day prescriptions saving time and money for millions of Australians with an ongoing health condition – $165 million  (Three phases from September 2023)
• Freezing the cost of PBS medicines, with co-payments not rising with inflation for all Australians for the first time in 25 years – $9 million (January 2025)

If re-elected the Albanese Government will pass legislation and $25 maximum PBS scripts will start from January 1 2026.

 

As at 20 March 2025.