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Key Points
- Labor says it would commit to passing legislation to make the maximum cost of prescription PBS medicines $25.
- If re-elected the Albanese government says it would reduce the cost of medicines as of January 2026.
- Such a change would bring down the cost of medicine for working Australians not eligible for healthcare subsidies.
The new capped price would be expected to come into effect as of January, 2026.
The cost of medicines is just one part of the Australian household budget that has increased due to inflation in the economy. Source: Getty / Bloomberg
The current maximum cost of filling a script for a PBS medicine is $30, while it used to be $42.50, it was reduced in January 2023.
In a statement provided to media about the announcement Albanese said, “Cheaper medicines is another way we are helping with the cost of living, while putting downward pressure on inflation — our number one focus.”
Guild national councillor Mario Barone had said Australians were “being forced to make tough choices between filling prescriptions and paying the rent, buying groceries and putting petrol in the car.”
