Cutting the Cost of Medications

  • Millions of Australians will save $12.50 on medical scripts under an Albanese Labor Government

  • Labor has committed to cut the cost of medications by reducing the Pharmaceutical Benefits Scheme (PBS) co-payment from the current maximum of $42.50 per script, to a maximum of $30 per script.

Why do we need this?

Costs of living are soaring with many Australians cutting back on essentials in order to make ends meet. They are being forced to choose between filling prescriptions for potentially life saving medicines, and providing food and shelter for their families.

Labor’s proposal will keep the costs of medications down and ease some of the cost-of-living pressures that Australians are facing.

The details

Labor will cut the maximum co-payment under the PBS from the current maximum of $42.50 to $30.00.

This represents a saving of $12.50 or 29 per cent.

The changes to the PBS will take effect from 1 January 2023 and will save Australians more than $190 million a year in out-of-pocket costs.

People filling one script a month could save $150 a year, while those filling two scripts a month could save $300 a year.

The existing safety net provisions will continue and all scripts currently counting towards a patient’s safety net will continue to do so.

The $12.50 cut to the PBS general co-payment will cost $765.3 million over the forward estimates.