Australians can hopefully expect their medicine bills slashed very soon as the federal government brings key legislation to cut costs this week.
Prime Minister Anthony Albanese is expected to fulfil a key election commitment with a bill this week to reduce the price of medicines listed on the Pharmaceutical Benefits Scheme to a maximum of $25.
The bill has bipartisan support from the Coalition, so it is expected to have an easy ride through parliament.
“Every medicine on the PBS, no more than $25. We’re working to make it law this week,” Albanese posted on X this morning.
The current cap for PBS medicines is $31.60, following a previous cut by the Albanese government from $42.50.
The last time medicine prices were at the $25 level was in 2004, Albanese claimed on ABC’s Insiders last night.
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Pensioners and concession card holders will see their medicine prices frozen at $7.70 until 2030.
The government claims the legislation will save Australians a collective $200 million.
“Cheaper medicines is another way we are helping with the cost of living, while putting downward pressure on inflation – our number one focus,” Albanese said in a pre-election announcement in March.