Medical Research Future Fund
Every dollar of savings from health reforms in this Budget will be invested in the new Medical Research Future Fund until it reaches $20 billion
As a country, we must fund the research that can lead to discoveries and cures to help treat the diseases of today and tomorrow.
A world leading fund
To maintain a world class health system, with access to cutting edge innovation and clinical breakthroughs, the Government is creating a capital‑protected Medical Research Future Fund (MRFF) from 1 January 2015.
Every dollar of estimated savings from health reforms in this Budget will be invested in the Fund until it reaches $20 billion. This is consistent with the commitment to maintain the existing level of investment in health.
Once the Fund reaches $20 billion, it is expected to be the largest of its kind in the world.
Doubling funding for vital medical research
The Fund's annual net interest earnings will fund medical research.
Distributions from the MRFF to medical research will be around $1 billion by 2022‑23. This will double the Government's direct medical research funding.
An historic boost for the nation’s research leaders
Fund earnings will be directed to medical research, primarily by boosting funding for the National Health and Medical Research Council (NHMRC).
The NHMRC supports research in the nine National Health Priority Areas, including cancer, cardiovascular disease and diabetes — currently providing around $150 million per annum to cancer research alone.
In 2013, the NHMRC's research projects ranged from developing life‑saving vaccines to finding new ways to manage the side‑effects of chemotherapy.
The NHMRC supports our finest researchers in Australian universities, medical schools, hospitals and other research institutions.