This research paper aims to explore the potential options and challenges in the future of Medicare in Australia, with a particular focus on the sustainability of the program. Despite being regarded as one of the best healthcare systems in the world, the Australian healthcare system faces an ageing population and rising healthcare costs. Data made available from the Australian Government has shown a dramatic decrease in Total Medicare services and benefits in the past year as well as significant reductions in Bulk Billing rates. The analysis also showed that Average Patient Contribution and Private Health Insurance premiums have been increasing faster than Inflation and Wage Growth while the Medicare Benefits Schedule (MBS) rebates have increased slower placing strain on both consumers and healthcare providers. The Australian Government’s initiatives and the upcoming May 2023 Australian Federal Budget will be key in determining the future of Medicare.