Election pledge part of Albanese’s focus on cheaper medicines as a cost-of-living measure that will also help reduce inflation

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A re-elected Labor government would reduce the price of PBS-listed medicines to no more than $25 a script, in a major new election pledge to be included in next week’s budget that builds on Anthony Albanese’s focus on cheaper medicines as a cost-of-living measure.

With the formal election campaign to commence within weeks, where Labor will focus strongly on health as a key issue, Albanese will on Thursday deliver a major speech promising that four out of five medications on the Pharmaceutical Benefits Scheme would become cheaper under the plan which would cost the government $689m.

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