Australians could soon be paying less for prescription medicines, with the government set to lower co-payments on the Pharmaceutical Benefits Scheme.

Legislation will be introduced to the House of Representatives on Wednesday to lower the maximum co-payment under the scheme from $42.50 per prescription to $30.

Labor went to the last election promising to implement the changes to the scheme from January next year.

It’s expected more than $190 million in out-of-pocket costs would be saved under the measure.

Prime Minister Anthony Albanese said the new legislation would take financial pressure off families.

“What we are about is assisting people who are doing it tough,” he told parliament on Tuesday.

“We are engaged in the cost of living relief and that is what you will see in our budget.”

The cut to the maximum co-payment is expected to cost the budget $765.3 million over the next four years.

All other safety net provisions under the scheme are expected to continue.

– AAP