12 August 2015 - The successful passage today of the Government’s legislation to establish its landmark Medical Research Future Fund will significantly strengthen Australia’s standing as one of the global leaders in the field of medical research.

The Fund, the largest of its kind in the world, will support research that enables game-changing medical innovations and improves the health of Australians.

The Medical Research Future Fund will provide stability and predictability in funding for medical research and innovation into the future, with the capital of the Fund preserved in perpetuity.

The Fund will receive an initial contribution of $1 billion from the uncommitted balance of the Health and Hospitals Fund and will eventually provide around $1 billion per annum in additional funding for medical research and medical innovation.

The remaining contributions into the Fund will come from 2014-15 Budget savings in the health portfolio which have passed, or will pass through the Parliament in the future, until the balance in the Fund reaches $20 billion.

The first $10 million in additional medical research funding will be distributed in 2015-16 and over $400 million is estimated for distribution over the next four years.

The Government has ensured that the Medical Research Future Fund meets the needs of the medical research community. Amendments made to the Bill incorporate recommendations from the Community Affairs Legislation Committee inquiry into the Bills.

For more details, go to: http://www.health.gov.au/internet/ministers/publishing.nsf/Content/health-mediarel-yr20