PBS $168m spending plunge

The final budget outcome for the year ending in June shows PBS spending came to $10,351 million, a saving of $168 million from the estimate of $10,519 million released in Treasurer Joe Hockey’s budget last May.

The write-down, just four months after the 2014 federal budget, is the fifth consecutive time the government has had to revise its figures downwards, said Dr Martin Cross, chairman of industry body Medicines Australia.

“Following the massive reductions in the 2012, 2013 and 2014 budgets, it is clear now