Australians will be able to get quicker access to free and affordable medicines regardless of who wins the federal election as a result of Labor matching a coalition promise.

Prime Minister Scott Morrison announced the most substantial change to the Pharmaceutical Benefits Scheme since 1986 on Thursday, giving more affordable and free medicine faster to 1.4 million Australians.

This policy, which costs $308 million, is set to save patients up to $80 per year.