The Albanese Labor Government is addressing everyday cost-of-living pressures in the Budget by making medicine cheaper for Australians.

From January 1, 2023, the maximum cost of general scripts under the Pharmaceutical Benefits Scheme (PBS) will fall, for the first time in its 75-year history. Australians will pay 29 per cent less for scripts, with the maximum cost of general scripts under the PBS dropping from $42.50 to $30.

The safety net threshold for pensioners for pensioners and concession card holders was slashed by 25 per cent. Millions of Australians, and thousands of people in Reid will now pay no more than $4.70 every week for all of their medicines needs.

With the income limits being raised to $90,000 for singles and $144,000 for couples, more than 44,000 additional Commonwealth Seniors Health Card holders will get access to concession rate prescriptions for medicine.

The Labor Government is fulfilling its election promise to deliver cheaper medicines and ease cost of living pressures for Australians.