The Federal Government’s Medical Research Future Fund (MRFF) has reached maturity at $20 billion – an investment that Health Minister, Greg Hunt says is set to provide ongoing sustainable funding for groundbreaking health and medical research.
The MRFF is an ongoing research fund announced by our Government in the 2014-15 budget. The target was to grow the MRFF to $20 billion through annual credits which are preserved in perpetuity.
“The Government’s final credit of $3.2 billion will enable the MRFF to reach the historic $20 billion investment target just five years after the fund was established in 2015,” said Minister Hunt.
He said the capital of the MRFF was invested, with the earnings to be used to pay for important health and medical research projects, supporting Australian health and medical researchers over the long term.
“This investment is critical, particularly in light of the devastating impacts that the COVID-19 pandemic is having on so many Australians,” said Minister Hunt.
“The MRFF is transforming health and medical research in this country. It will improve lives. It will save lives. At the same time, it will help build the economy, make Australia a global research destination, and make our health system more sustainable.”
In the 2019–20 Budget, the Government announced a $5 billion, 10-year investment plan for the MRFF.
“This plan continues our support for lifesaving research to develop new drugs, treatments, devices and cures. It gives researchers and industry certainty and direction, and reaffirms Australia’s reputation as a world leader in medical research,” said Mr Hunt.