The 2026-27 federal Budget advised that the Government had funded almost $6B in new listings since the last Budget. But after special pricing arrangements and patient number caps, that net listing value over 5 years is actually closer $1.8-$2.8B. So what’s really going on with our PBS and why are these rebates threatening patient access?

PBS pricing is so low, that book higher prices are published to protect against cost comparisons in other global markets.

The government often doesn’t pay for all patients eligible for the PBS subsidy. It sets the patient number so low that the company ends up funding the medicine for free for up to 75% of eligible patients in some cases. The PBS should pay for all eligible patients, not just some.

With regular and ad-hoc price cuts as well, medicines get de-listed or simply not listed at all.

Confused? Read read our quick guide to what Risk Shares mean for spending on the PBS and how they actually work.