What new act - isn't this an existing scheme?
Why would they be available in all pharmacies? - hearing aids aren't.
Unlike the PBS, the subsidies don't apply to everyone, only some are eligible such as people with a Centrelink pensioner health concession card, people in the Armed Services, people on the NDIS with hearing issues etc.
On the other hand, the costs may now be covered by private health insurance policies. The amount covered in such policies usually only covers a small amount of the cost of a regular hearing aid, but with IQBuds or Boost most of the cost may be covered.
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