From 1 January 2026, Pharmaceutical Benefits Scheme (PBS) medicines will be capped at $25, down from $31.60, while pensioners will continue paying $7.70 until 2030. The price reduction returns PBS prescription costs to 2004 levels and will benefit 400,000 Australians weekly, with particular improvements for women's health medications including contraception and hormone replacement therapy, as well as treatments for cancer, diabetes and arthritis. The measure aims to address medication affordabil