Labor to Slash Cost of Medications for Millions of Australians

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Media Release

Sunday, 1st May 2022

Labor to Slash Cost of Medications for Millions of Australians

with Mark Butler MP

Millions of Australians will save $12.50 on medical scripts under an Albanese Labor Government, with a commitment to slash the cost of common medications. 

Labor will reduce the maximum co-payment under the Pharmaceutical Benefits Scheme (PBS) from $42.50 to a maximum of $30, a reduction of 29 per cent.

Under Labor’s proposal a person taking one medication a month could save $150 a year, with those taking two medications a month saving up to $300 each year.

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

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

An Albanese Labor Government will ensure Australians have access to affordable medicines by listing every drug recommended by the independent experts on the PBS. 

The PBS is designed to keep medications affordable for Australians. The PBS and Medicare are the foundation stones of our health care system. 

An Albanese Labor Government will strengthen Medicare and the PBS.

Quotes attributable to Anthony Albanese:
“Cost of living pressures are real. Everything is going up under the Morrison Government. These changes to the PBS are necessary because we need to make sure that Australians can afford the medications they need.”

Quotes attributable to Mark Butler:
“We know out-of-pocket health care costs are too high in Australia and among the highest in the OECD countries. Cutting the cost of medications will help millions of Australians. Our changes to the PBS mean that the trip to the chemist won’t be an expensive one."

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Electorate Office

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MARRICKVILLE NSW 2204

Phone: (02) 9564 3588
Fax: (02) 9564 1734
Email: A.Albanese.MP@aph.gov.au

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PO Box 6022
CANBERRA ACT 2600

Phone: (02) 6277 4022
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Fax: (02) 9564 1734
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Electorate Office

334a Marrickville Road
MARRICKVILLE NSW 2204

Phone: (02) 9564 3588
Fax: (02) 9564 1734
Email: A.Albanese.MP@aph.gov.au

Parliament House Office

PO Box 6022
CANBERRA ACT 2600

Phone: (02) 6277 4022
Fax: (02) 6277 8562

Phone: (02) 9564 3588
Fax: (02) 9564 1734
Email: A.Albanese.MP@aph.gov.au

We acknowledge the traditional custodians of the land on which our offices stand and we pay our respects to Elders past, present and emerging. We acknowledge the sorrow of the Stolen Generations and the impacts of colonisation on Aboriginal and Torres Strait Islander peoples. We also recognise the resilience, strength and pride of the Aboriginal and Torres Strait Islander communities.

Authorised by Anthony Albanese. 334a Marrickville Rd, Marrickville NSW 2204.