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The Albanese government claims Australians will save $200 million a year under its plan to cut maximum PBS medicine prices from $31.60 to $25.
The promised reduction, set to be announced today, will be revealed in full in next week’s federal budget.
It will take effect from January 1 next year if the government is re-elected.
The Coalition has also said it would match the policy.
An individual could save up to $235 a year under the revised pricing.
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However, the announcement comes amid fears Australia’s PBS could become a target in a new round of US tariffs.
Pharmaceutical giants in the US oppose government subsidies and said the PBS is one of several “egregious and discriminatory pricing policies” in a new submission to the White House.
The government and the opposition have both pledged to take the PBS off the table in negotiations over tariffs with the Trump administration.
