The federal government is set to slash the cost of Pharmaceutical Benefits Scheme (PBS) medicines to just $30 a script under the new cost of living measures.
Prime Minister Anthony Albanese said the cost of living was a key concern for Australians and the government was committed to easing the burden.
“We know that the cost of living is a real issue for Australians, particularly families,” he said.
“This is why we’re taking action to make essential medicines more affordable.”
The PBS is a government-funded program that provides subsidised access to prescription medicines. Currently, the cost of a PBS script is $42.50, but under the new measures, this will be reduced to just $30.
If people filled one script per month, they could save $150 per year, and if they filled two scripts per month, they could save $300 per year.
This is a significant saving for families who rely on PBS medicines, and it will make a big difference to their budgets. The government is also extending the PBS safety net, so that families can get even more discounts on medicines when they reach a certain threshold.
The new changes will come into effect from January 2023.
The cost of living is a major issue for Australians, and one area where costs are rising is the cost of prescription medicines. They are a much-needed shot in the arm for the economy, and will help to ease the cost of living pressures that are currently putting so many families under financial strain.