The Medical Research Future Fund (MRFF) is a research fund established in Australia by the
Abbott Government. It is managed by the
Future Fund
The Future Fund is an independently managed sovereign wealth fund established in 2006 to strengthen the Australian Government's long-term financial position by making provision for unfunded superannuation liabilities for politicians and other pu ...
, with interest generated going to medical research. In 2020-2021, the MRFF reached its capitalisation target of $AU 20 billion, with annual investment returns of around $650 million used to fund medical research.
Establishment of the MRFF
In the
Australian federal budget, 2014 Treasurer
Joe Hockey announced the Liberal-National
Abbott Government's commitment to build a $20 billion Medical Research Future Fund, in addition to existing funding through the National Health and Medical Research Council. Hockey predicted that the fund would, "within six years, be the biggest medical research endowment fund in the world" and announced that "all the savings from the introduction of a $7 Medicare co-contribution, modest changes to the Pharmaceutical Benefits Scheme and other responsible changes in this Health Budget" would be directed to the fund until it reaches $20 billion.
The Senate blocked passage of the medical co-payment, but approved the establishment of the Medical Research Future Fund in August 2015, with funding to be found through reduced health spending and the Health and Hospitals Fund, until a balance of $20bn is reached in 2020. The Fund is managed by the
Future Fund
The Future Fund is an independently managed sovereign wealth fund established in 2006 to strengthen the Australian Government's long-term financial position by making provision for unfunded superannuation liabilities for politicians and other pu ...
, with interest generated going to medical research, beginning with $10 million in 2015, growing to $390m over the following three years.
Purpose
Announcing the Fund proposal to Parliament on 13 May 2014, Joe Hockey said:
See also
*
Australian federal budget
An Australian federal budget is a document that sets out the estimated revenues and expenditures of the Australian Treasury in the following financial year, proposed conduct of Australian government operations in that period, and its fiscal poli ...
*
Turnbull Government
References
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External links
Medical Research Future Fund Bill 2015
Australian medical research
Australian budgets
Abbott Government
2015 establishments in Australia