The centre-left Australian Labor Party has promised to cut the cost of common medications for Australians slightly more than the Liberal Party will if they are elected to government later in May.
Labor will reduce the maximum cost consumers pay for medicines covered under the Pharmaceutical Benefits Scheme (PBS) from $42.50 to $30, a saving of 29 percent.
Under the PBS, the federal government subsidises the cost of medicine for the majority of medical conditions, a benefit available to anyone with a current Australian Medicare card.
The changes to the PBS under Labor, due to take effect from Jan.1, 2023, are expected to save Australians more than $190 million (US$134 million) in out-of-pocket costs.
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