Aussies to save $200 million with slash to medicine prices

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.

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https://x.com/AlboMP/status/1949585671209013601

"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.

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Aussies to save $200 million with slash to medicine prices
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