How your medications could be $10 cheaper

All medications on the Pharmaceutical Benefits Scheme would be $10 cheaper under a re-elected Coalition government.

From next year, the maximum price of PBS medicines would be reduced from $42.50 to $32.50.

Prime Minister Scott Morrison will make the election promise on Saturday.

The pledge was accidentally announced by two ministers as part of the budget last month, but they quickly asked for it to be struck from the official record on Hansard.

Mr Morrison expects the measure to benefit up to 19 million Australians each year.

“This is the single most significant change to the cost of and access to medications since the PBS was introduced more than 70 years ago,” the Prime Minister said in a statement.

“Millions of Australians will soon save $10 per script for common medications, which means those taking one medication a month could save $120 a year, or those taking two medications a month could save $240 a year.”

The election promise would cost the federral government $150 million a year.