The Albanese Government is set to introduce legislation to Parliament this week to reduce the cost of medicines, with changes taking effect from 1 January 2026.
From 1 January 2026, Pharmaceutical Benefits Scheme (PBS) prescription medicines will become more affordable for 20 million non-concession card holders – great news, especially for those managing chronic health conditions.
“We said we would make cheaper medicines even cheaper – that is exactly what we are doing,” says Prime Minister Anthony Albanese.
“The size of your bank balance shouldn’t determine the quality of your healthcare.
“My Government will continue to deliver cost-of-living relief for all Australians.”
Affordable medicines – a top priority
The move, which will see prescription medicines on the PBS cost no more than $25 – down from $31.60 – from 1 January next year has been welcomed by the Queensland Pharmacy Guild.
“Every day, community pharmacists have conversations with patients about the tough choices they are forced to make, between filling scripts and other essentials such as rent, groceries and petrol,” says Chris Owen, President of The Pharmacy Guild of Australia, Queensland.
“These changes will benefit millions of Australians, who will save up to $6.60 on each prescription.”
Professor Trent Twomey, National President of The Pharmacy Guild of Australia, congratulates the Government for making “affordable medicine a top priority”.
“This is great news for 20 million Australians without a concession card who will save a combined $689 million in the next four years,” says Professor Twomey.
The move by the Albanese Government follows calls from a coalition of more than 20 health and community organisations, including the Pharmacy Guild, Patients Australia, Asthma Australia, Family Planning Alliance Australia and QENDO, urging the Government to act to make medicine affordable.
Pensioners and concession cardholders
The Albanese Government confirms that pensioners and concession cardholders will continue to benefit from the freeze to the cost of their PBS medicines, with the cost frozen at its current level of $7.70 until 2030.
“For general patients medicines haven’t been this cheap since 2004,” says Minister Mark Butler, Minister for Health and Ageing.
“For pension and concession card holders we’ve frozen your medicine prices at a maximum price of $7.70 until the end of the decade.”
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