Prescription cost cut could save you hundreds of dollars

The federal government is proposing new laws to lower co-payments for prescriptions on the Pharmaceutical Benefits Scheme (PBS).

Prime Minister Anthony Albanese has announced a cut in the cost of medicines covered by the Pharmaceutical Benefits Scheme Source: AAP / LUKAS COCH/AAP

Key Points

• Under the new bill, the maximum general co-payment of scripts will go down from $42.50, to $30
• Changes to come into effect on January 1, 2023
• it's the first time in 75 years that the maximum costs of general scripts under the P-B-S will fall

The PBS lists and provides medicines at government-subsidised prices.