Medical Research Future Fund – Overview
The Medical Research Future Fund (the Fund) was established on 26 August 2015 by the Medical Research Future Fund Act 2015 . The Fund is a financial asset fund and represents an endowment that will support medical research and innovation into the future.
The Fund will provide a stable and predictable funding stream for medical research and innovation into the future with the credits to the Fund preserved in perpetuity. The capital of the Fund will be invested, with earnings used to make grants of financial support to medical research and innovation over the long term.
The Future Fund Board of Guardians (the Board) is responsible for investing the Fund to enhance the Commonwealth’s ability to make grants for medical research and innovation. The Board will also advise the Government on the maximum amount that can be withdrawn from the Fund in a given financial year to fund medical research and innovation.
The Fund will be initially credited with capital representing:
- the uncommitted balance of the Health and Hospitals Fund of $1.01 billion; and
- the value of health saving measures announced in the 2014-15 Budget.
Queries relating to grants of financial assistance from the Fund should be directed to the Department of Health .
Last updated: 15 July 2016