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.

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.