Labor Government Freezes Cost of Medicines

Locals are set to save on essential medicines as the Albanese Labor Government freezes the cost of PBS prescriptions. 

Instead of increasing in the New Year, maximum PBS co-payments will remain at their current rate of $31.60 for general prescriptions until the end of 2025, and at $7.70 until the end of 2029 for concession cardholders.

Member for Dobell and Assistant Health Minister, Emma McBride MP, a strong advocate for cheaper medicines, welcomed the news of this cost saving for locals. 

PBS co-payments usually increase with indexation on 1 January in line with the Consumer Price Index.

The freeze on indexation of PBS co-payments is estimated to save Australians almost half a billion dollars.

The Federal Labor Government’s cheaper medicines have already delivered Australians $1.1 billion in savings, through:

• the largest cut to the price of medicines in PBS history in January 2023,
• reducing the Safety Net threshold by 25 per cent in July 2022, and
• 60-day prescriptions saving millions of Australians time and money.

Emma McBride was the Chief Pharmacist at Wyong Hospital for nearly a decade before entering Parliament in 2016.