Australians can hopefully expect their medicine bills slashed very soon as the federal government brings key legislation to cut costs this week.

The Australian Prime Minister, Anthony Albanese, is set to follow through on an important election promise by introducing legislation this week aimed at capping the cost of medications under the Pharmaceutical Benefits Scheme at $25.

The bill has bipartisan support from the Coalition, so it is expected to have an easy ride through parliament.

“Every medicine on the PBS, no more than $25. We’re working to make it law this week,” Albanese posted on X this morning.

The current cap for PBS medicines is $31.60, following a previous cut by the Albanese government from $42.50.

The last time medicine prices were at the $25 level was in 2004, Albanese claimed on ABC’s Insiders last night.

Pensioners and concession card holders will see their medicine prices frozen at $7.70 until 2030.

The government claims the legislation will save Australians a collective $200 million.

In a March pre-election statement, Albanese highlighted, “Lowering medicine costs is another strategy we’re using to alleviate living expenses while simultaneously exerting downward pressure on inflation, which is our top priority.”